Customers with accounts in UAE: new pension requirements and ACH Credit enhancements Further to our communication sent in February 2015 with regards to the above, please note that the effective date for reporting of pensions has been postponed to June 2015. As such, from June 2015, you will now be required to submit your pensions (if any) via HSBCnet by the 15th of each month for the preceding month’s contributions. For example, in the month of June 2015, you will need to submit your May 2015 pension contributions by 15 June 2015. To support this, ACH Credit screens for accounts in UAE are being updated as of 19 April to capture additional details for pension payments. The new screens are much more user friendly and follow the current payment processing workflow for easy transition.  Although the new screens will be made available from 19 April 2015, you are requested not to use them for pension payments until June 2015 for your May 2015 pension contributions. Please note, use of these new screens for pension payments prior to June 2015 may result is pension payment rejections. In addition to requirements to update details for pension payments, you will also be required to notify us in writing of any adjustments to staff pension payments. View the template for written notification Payment files submitted via HSBCnet File Upload tool are also being enhanced to capture the additional details for pension payments and to capture Purpose of Payment - Purpose of payment for all ACH Credit payments will also become mandatory as of 19 April. To launch the new ACH payment ‘Create’ screen from ‘Create Payment Instruction’, select “ACH Credits” as the ‘Payment type’ and the appropriate ‘Debit/credit account’. (select image to expand) When ‘Create payment instruction’ is selected, the ‘Create new ACH Credit payments’ screen will be launched in a new window. (select image to expand) Several labels on the ‘Create new ACH Payment’ screen have been changed to ensure payment instruction information is easier to complete and more accurate. Changes to existing labels Beneficiary ID Existing Second Party ID label is being changed to Beneficiary ID Beneficiary name Existing Second party Name label is being changed to Beneficiary Name and will accept up to 35 characters. Beneficiary bank identifier Existing Bank number label is being changed to Beneficiary bank code. Please provide 985110101 as Bank Identifier for your pension payments Beneficiary IBAN Existing Branch and account number or IBAN label is being changed to Beneficiary IBAN) Please provide the employee account with GPSSA for your pension payments Beneficiary reference Existing Reference field label is being changed to Beneficiary Reference and will accept up to 35 characters New fields Remittance information This field can be used to provide details of the payment and will accept up to 140 characters Please provide “Remittance Information” in the below format for your pension payments: Format for Pension Contribution Payment: GPSSAEMPLOYEEID12345/EMPLOYERID123/S/MMYYYY/B0000000.00/ H0000000.00/S0000000.00/C0000000.00/L0000000.00/O0000000.00/ T0000000.00 Format for Pension Adjustment Payment: ADJSTEMPLOYEEID12345/EMPLOYERID123/S/MMYYYY/B0000000.00/ H0000000.00/S0000000.00/C0000000.00/L0000000.00/O0000000.00/ T0000000.00 Where, GPSSA is a static key word to be used for Pension contribution payments ADJST is a static key word to be used for Pension Adjustment payments EMPLOYEEIDXXXXX is the 15 characters Employee ID of the UAE National EMPLOYERIDXXX is the 13 characters Employer ID as provided by GPSSA S is the type of employer. This must be ‘R’ for Private and ‘U’ for Public MMYYYY is the month and year B0000000.00 is the Basic Amount prefixed with fixed letter ‘B’ H0000000.00 is the Housing Allowance prefixed with fixed letter ‘H’ S0000000.00 is the Social Allowance prefixed with fixed letter ‘S’ C0000000.00 is the Child Allowance prefixed with fixed letter ‘C’ L0000000.00 is the Cost of Living Allowance prefixed with fixed letter ‘L’ O0000000.00 is the Other/ Supplementary Allowance prefixed with fixed letter ‘O’ T0000000.00 is the Total Monthly Salary inclusive of all allowances prefixed with fixed letter ‘T’ All above amounts must be 7 digits and 2 decimals. You must provide amounts padded with zeroes (e.g. B0000250.00) Please note: that pension payments, adjustment payments and other ACH Credit payments should not be mixed in a single batch to avoid payment rejections. Purpose of Payment Purpose codes can be selected from a drop down list with detailed information on the selected code available via the Code details button Please provide ‘PEN’ as Purpose of Payment for your pension payments Please note: Purpose of payment field will be mandatory for all ACH Credit payments and you are requested to select appropriate purpose code. The look and feel for the ‘Review’, ‘Acknowledgement’, ‘Authorisation Summary’, ‘Authorisation’ and ‘Partial Authorisation’ screens have also been updated but previous functionality remains intact. Please note that after 19 April, 2015, when attempting to create a payment instruction using general templates, the instruction will be displayed using the new input screen and the new fields will be editable. If authorising existing payments created prior to the effective dates, HSBCnet will automatically send the instruction to ‘pending repair’ status changing it to the new input screen from which the required new fields will need to be populated. Forward dated payment instructions cannot be modified. If details need to be changed, the instruction will need to be cancelled and recreated. Information for customers using File Upload For additional information please review the Creating an ACH Credit Payment from Accounts in UAE User Guide available from within the service Help Text as well as the HSBCnet Help Centre.
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