Retirement Reform – Contribution Certificates

Retirement Reform – Contribution Certificates

Payroll / eTorQue

If you have either a defined benefit or hybrid scheme your fund administrator needs to provide you with a Contribution Certificate so that you can process your payroll in March. This should be provided no later than one month before the next year of assessment i.e. by end January. If you don’t have this then you cannot work out the value of the fringe benefit for your employee.

Further, please make sure you have checked whether your scheme has a defined benefit component (i.e. is a hybrid scheme). This requires a review of the fund rules to check whether there is a component where shared funds are used for a specific purpose as opposed to being kept aside for the benefits of a specific individual (as might be the case for a dread or disability element).