Auto Enrolment Workplace Pensions – are you in?
What is it?
The law on workplace pensions has changed. Every employer in the UK has to automatically enrol staff who meet certain criteria into a workplace pension.
Why has this happened?
People are living longer and saving less. The law has changed to make it easier for more people to build up a pension.
How does it affect me?
The admin burden can be huge as businesses regularly have to check if they have employees who are eligible to join. In addition, regular letters have to be sent to employees. Large penalties will be imposed on any business that does not comply with the regulations.
When do I need to take action?
Automatic enrolment duties come into force from your ‘staging date’, which appears on letters from The Pensions Regulator. If in doubt talk to us.
We have invested in a new payroll system that is fully Auto Enrolment compliant and allows our payroll bureau to take over the day-to-day running of the pension scheme.
Our system takes the hassle out of Auto Enrolment, allowing us to administer the scheme on your behalf, define qualifying earnings and pensionable pay, assess your workforce, automatically enrol workers into a pension scheme, produce remittance files and automatic enrolment files and generate the necessary letters to employees.
The system also has the ability to provide electronic pay slips and pension documents which are stored in our online portal accessible via computer, tablet or mobile. Each employee receives a personal log-in where historical copies of payslips, P60’s and pension information are stored.
For a smooth transition to Auto Enrolment, and to ensure effective and efficient management of your scheme, contact us today to take advantage of the solution we have created for you.
Please contact us if you need further advice or have any questions about our services.