1) For the last stepped band rate we have specified that for anything over £8000 the advisor will receive 60%. 2) Add £8000.01 to the ‘From’ field, again added the .01 value to prevent any overlapping of band values. 3) For the scheme to identify that any commission over £8000 is set at 60% add a value in the ‘To’ field that will not likely be reached by the advisor. In this example £100,000.00 has been added. 4) Add 60% to the ‘Percentage Rate’ field and select ‘Add’ to complete your stepped band set up.
Pay At Highest Band Rate Now that you have set up your stepped band rates you can select if you want to pay the advisor at the highest band rate or not. By selecting to ‘Pay at Highest Band Rate’, and based on the above example, you are telling the system that if the advisor receives £6000 commission, all of this is to be paid at 55%. If you do not select the ‘Pay at Highest Band Rate’ and the advisor receives £6000 commission (again based on the above example), the first £4000 will be paid at 50% and the remaining £2000 will be paid at 55% Once you have set up your stepped bands and ticked whether or not to pay the advisor at the highest band rate, click on the ‘Next’ button to proceed with the stepped rate pay scheme.
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