What is pension plan in SAP PA-BN-FB - Flexible Benefits?

SAP Term: pension plan

• Component: PA-BN-FB

• Component Name: Flexible Benefits

• Description: Pension scheme offered in for Great Britain GB FlexBens for an employee to enroll in. "Pension scheme" is the term used to refer to pension in HR master data, while "pension plan" is the term used in GB FlexBens.

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• Key Concepts: 
  A pension plan is a type of employee benefit offered by employers to their employees. It is a long-term savings plan that allows employees to save money for retirement. The SAP component PA-BN-FB Flexible Benefits is a module that allows employers to manage their pension plans. It provides features such as the ability to set up and manage pension plans, calculate contributions, and track employee contributions. 
  
  How to use it: 
  The PA-BN-FB Flexible Benefits module can be used to set up and manage pension plans. It allows employers to define the parameters of the plan, such as the contribution rate, vesting period, and eligibility criteria. It also provides features such as the ability to calculate contributions and track employee contributions. 
  
  Tips & Tricks: 
  When setting up a pension plan, it is important to consider the needs of your employees. Make sure that the plan is tailored to their needs and that it meets all legal requirements. Additionally, it is important to keep track of employee contributions and ensure that they are being properly credited. 
  
  Related Information: 
  For more information on pension plans and how to use the PA-BN-FB Flexible Benefits module, please refer to the SAP Help Portal or contact your local SAP representative.