Cumulative Feature Overviews (CFO) For PeopleSoft 9.2

The Cumulative Feature Overviews (CFO) tool for PeopleSoft 9.2 has been released.

It’s a simple and great tool to identify the new features available with the latest releases. It will be very useful during upgrade for the Fit-Gap analysis. Definitely I like this tool...

Tool description is available under - https://blogs.oracle.com/peoplesoft/entry/cumulative_feature_overviews_for_peoplesoft

Tool is available under - https://support.oracle.com/epmos/faces/DocContentDisplay?_afrLoop=385360800890007&id=1117033.1

Note: Oracle support id is required to download the tool.

Sample Screenshot of the tool:

 

Automatic Enrolment

Automatic Enrolment

What is it?

‘Workplace pensions’ law has changed. The government has introduced a new law to make it easier for people to save for their retirement.  It requires all employers to enrol their workers into a qualifying workplace scheme if they are not already in one.  At present, many workers fail to take up valuable pension benefits because they do not make an application to join their employer's scheme.  Automatic enrolment is meant to overcome this.

More details available under

http://www.pensionsadvisoryservice.org.uk/future-pension-reforms/automatic-enrolment

http://www.thepensionsregulator.gov.uk/automatic-enrolment.aspx

Below given a quick summary about Auto Enrolment for Employee, Employer and Oracle-PeopleSoft Customer.

For Employees

If employee joins a money purchase (defined contribution) scheme, employee will have their own pension pot which will be open upon retirement.  Contributions from employee, employer and government will be paid into employee’s pot.  Employee can retain the same pot even if they move jobs.

Scheme, pension pot, qualify, defined contribution - What is it?

A qualifying scheme can be:

·         A defined contribution scheme with a minimum contribution

Or

·         A defined benefit or hybrid scheme which meets certain conditions.

Sample calculation for employees with TIER 1 scheme:

Each month*,

Employer puts in pension pot	£30
+ Employee put in pension pot	£40
+ the government puts in pension pot	£10 (tax relief)
Total available in pension pot	£80

 * Scheme will be set by the employer. Please contact the employer for the qualifying scheme.

Does this affect me (employee)?

Yes, employees will be automatically enrolled to the scheme, if employee,

·         Is not already in a qualifying workplace pension scheme;

·         Is at least 22 years old;

·         Is below state pension age;

·         Earn more than £8,105 a year; and

·         Work or ordinarily work in the UK (under their contract)

Even if employee doesn’t qualify automatically, employee has the right to join the scheme. Options are available for employee to optout and/or rejoin the scheme.

Note for employee: DONOT misinterpret this post/document as an enforcement to challenge the organization. Please speak to your organization for more details.

For Employers

Is it applicable for my organization?

Yes. Although automatic enrolment comes in from 1 October 2012, individual employers' duties will be introduced gradually over the following five years, and will be based on the employer's size.

List of staging dates by PAYE scheme size or reference

PAYE scheme size or reference	Staging date
120,000 or more	1 October 2012
50,000-119,999	1 November 2012
30,000-49,999	1 January 2013
20,000-29,999	1 February 2013
10,000-19,999	1 March 2013
6,000-9,999	1 April 2013
4,100-5,999	1 May 2013
…	…

Complete and latest list will be available at,

http://www.thepensionsregulator.gov.uk/employers/staging-date-timeline.aspx

Who (my employees) will be affected?

Qualified employees who meets the eligibility criteria,

Also, employees have the right to join the scheme even if they do not qualify automatically.

What should I do now?

So the employers should enrol to the pension regulator or pension provider to meet their new workplace pension duties.

If you (employer) are using PeopleSoft as the UK HR/Payroll solution, then you need to ensure that your system is capable of handling Automatic Enrolment.

What Oracle has offered for Auto Enrolment?

 For Oracle-PeopleSoft customers, Oracle is fully committed to the delivery of Auto Enrolment Packages for version 9.0 and 9.1.  Oracle-PeopleSoft Release for ‘UK Pension Changes- Auto Enrolment’ is available under,

https://support.oracle.com/epmos/faces/DocContentDisplay?id=1468720.1

For customers on other PeopleSoft version, Oracle would be the best source of information about the auto enrolment package.

What we (Kovaion Consulting) can offer for Auto Enrolment?

We (Kovaion Consulting) can certainly assist the PeopleSoft customers on the implementation and support of Auto Enrolment.

Design

ü  It includes, deployment of Auto Enrolment related bundle/POC delivered by Oracle. Based on the PeopleSoft release, the deliverables from Oracle will vary.

ü  Map the tailor made current system to fit Auto Enrolment process.

ü  Identify potential gap and do the fit gap analysis.

Develop

ü  Develop necessary technical components

Test

ü  End to End process testing.

ü  Performance testing – This is very critical for mission critical application like payroll.

Rollout

ü  Production Deployment

Support

ü  Warranty support includes 30 days of production support cover

ü  Additional long term support shall also be provided

  

Since the implementation effort depends on the pension provider, it would be difficult to provide the implementation efforts. But certainly feel free to get in touch with us to evaluate the options. 

Quick read through on Oracle-PeopleSoft Deliverable

Under the reforms, employers will take on a number of new pension duties:

•        Provide a qualifying pension scheme

•       Automatically enroll Eligible Jobholders, who are not already members of a qualifying pension scheme

•        Inform eligible jobholders that they have been automatically enrolled and that they have the right to opt out

•        Respond to opt-out requests appropriately

•        Deduct member contributions and make employer contributions,

•        Periodically re-enroll any eligible jobholders who have opted-out

•        Keep records in relation to each qualifying pension scheme and each jobholder

•        Report regularly to the Pension Regulator

Disclaimer: This document/post is for reference only. The points discussed are purely based on our understanding. Please check the links and regulatory websites for updated information.

HMRC RTI - Oracle-PeopleSoft

HMRC Real Time Information (RTI)

What is RTI?

RTI is the HMRC Real Time Information initiative.  It requires employers to provide an electronic data feed directly to HMRC for each payroll run. Using RTI, employers and pension providers will tell HMRC about tax, National Insurance contributions (NICs) and other deductions when or before the payments are made, instead of waiting until after the end of the tax year.

RTI will:

• Make the PAYE process simpler and less burdensome for employers and HMRC for example by removing the need for the end of year return (forms P35 and P14) and simplifying the employee starting and leaving processes
• Make PAYE more accurate for individuals, over time reducing the number of bills and repayments sent after the end of the tax year
• Enable HMRC to pursue late payments more effectively
• Support the payment of Universal Credits
• Reduce Tax Credits error and fraud

Employers and pension providers will send this information to HMRC online for payments made to all their employees including those paid below the National Insurance Lower Earnings Limit (LEL).

More information is available under http://www.hmrc.gov.uk/rti/

By April 2013 almost all employers and pension providers must be reporting their payroll information to HM Revenue & Customs (HMRC) on or before every payday.

RTI means that earnings and deductions are submitted weekly or even by payroll run instead of annually.

Current HMRC reporting is once yearly by P14 & P35 submissions providing both total relevant earnings and deductions to HMRC both both in detail and summary formats.

HMRC Interfaces:

Following inbound/outbound interfaces are unaffected

• P60 - year end payment summary report
• P45 - leaver process
• P6

Below lists the interfaces ‘TO’ and ‘FROM’ to HMRC

Outbound Interface(s):

• Employer Alignment Submission (EAS) – It is to allow HMRC to match their records with the employer records and if necessary update their records. This is the first stage of RTI but the intention is that once the EAS has been accepted employers will not need to submit this again.
• Full Payment Submission (FPS) – It is employee payment information that is sent to HMRC. For each pay run, this data needs to be sent to the HMRC along with the BACS Payment. Note: BACS payment file also needs to be adjusted for RTI process.
• Employer Payment Summary (EPS) – It is used in pay periods when no employees have been paid or when the employer needs to report a reduction in the amount they will pay over to HMRC. This is to report a reduction in the amount the employers pay to HMRC or if employers haven't paid any employees in a pay period.
• National Insurance Number Verification Request (NVREQ / NINO) – Employer can verify the NI number given by the employee. HMRC’s matching of data sent to a particular employee will be dependent on the NI number, so it will be crucial for the employer to keep accurate data.

Inbound Interface(s):

• National Insurance Number Verification Response (NVRES / NINO) – It is the employer can verify the NI number given by an employee.

Also, the year end report to the PAYE (P60) is unaltered. Currently via Oracle delivered P14/60 process, the year end data can be printed on the HMRC template.

Our RTI implementation Offer includes:

Design

• It includes, deployment of RTI related bundle/POC delivered by Oracle.
• Map the current system to the RTI process.
• Identify potential gap and do the fit gap analysis.

Develop

• Develop necessary technical components

Test

• End to End process testing.
• Performance testing – This is very critical for mission critical application like payroll.

Rollout

• Production Deployment

Support

• Warranty support includes 30 days of production support cover
• Additional long term support shall also be provided

Our Value Addition:

RTI Preparation process Streaming (All GP jobs are streamed for better performance. RTI Streaming is currently not delivered by Oracle)

Electronic P14/60 – Implemented at one of the largest specialist recruitment organization in UK.

Electronic P14/60 Success Story:

By Implementing Electronic delivery of P60 report, there was huge saving on the postage cost. Also, the electronic documents can be easily accessed by employee/administrators for reprint/resent.

RTI Implementation duration:

The whole implementation can be carried out in 3 months.