NECI’s Electricians Pension Mortality & Sick Pay Scheme
- The NECI pension scheme has been approved by the Revenue Commissioners and is fully regulated by the Pensions Board.
- This scheme also allows employers to join.
- The total contribution to the NECI pension scheme is at a rate of 6.2% of the employee's salary, subject to a minimum payment of €4.11 by the employee.
- A qualifying benefit week must meet the minimum benefit payment of €8.72 which is broken down as follows:
- The employee portion of the benefit of €4.11 is always the initial deduction from the employee's salary - this is not tax allowable.
- The balance of the deduction is a pension contribution which is tax allowable.
- Employers contribute 3.7% for every hour worked by each employee.
- Employees contribute 2.5% for every hour worked.
To set up a NECI deduction in BrightPay
1) Within the ‘Additions & Deductions’ section on the employee’s payslip, click on ‘Add’. Under ‘Deduction’, choose 'NECI Deduction' from the list:
2) The NECI pension scheme will now appear in the employee's ‘Additions & Deductions’ section with the appropriate rates applied:
To view the individual breakdown of the employee and employer contributions, click the 'Edit' button, followed by ‘View/Edit Details':
3) Should you wish to edit the NECI pension you have set up at any time, simply click the ‘Edit’ button. Here you will find a facility to set the scheme to repeat every pay period until you choose to manually remove it or to repeat up to and including a particular pay period in the future.
4) If you wish to re-order two or more additions/ deductions you have set up, an ‘Ordering’ facility is also available here.
5) If you wish to delete the NECI pension, click ‘Delete’.
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