WORKPLACE PENSIONS / AUTO ENROLMENT
Our payroll bureau to the rescue!
If you have received your ‘Act Now’ letter from The Pensions Regulator you have to nominate a contact within the next few weeks.
Delaying preparation therefore leaves you open to significant risks including:
- Not being able to source sufficient support and advice
- Failing to properly evaluate employees eligibility
- Non-compliance with staging deadlines (which could result in significant fines)
- Major business disruption as manpower and resources are diverted to complying with obligations.
Our aim is to make sure that businesses are not put in jeopardy due to unsustainable pressure to meet deadlines.
Your ‘employer duties’ include:
- Knowing your Staging Date (the date when your business must offer a pension).
- Informing your workforce
- Plan an implementation (6-9 months is recommended by experts)
- Select and set up a Qualifying Workplace Pension Scheme
- Decide what contributions you pay (the minimum is 1% at the moment, but you can choose to pay more)
- Consider whether to postpone and if so, for how long (up to 3 months)
- Register with the Pensions Regulator (a Declaration of Compliance)
- Assess every payroll run and put employees into categories
- Send out communications to employees (up to 9 different ones) – and prove they were sent
- Pay contributions to the provider, every payroll run
- Keep records for 6 years
- Keep an audit trail (in case the regulator comes a-calling)
If all these changes are proving too much hassle, or you are worried about what is yet to come, we have devised a solution to ease the burdens these duties will place on our clients and other small employers. We are pleased to announce our Bureau Pension Service, delivered in conjunction with NEST and Peoples Pension. If you require something more complex, we can put you in touch with a local Independent Financial Advisor who can help you decide what is best for you and your staff.
As a payroll bureau we can take away all the administrative burden of Auto-Enrolment. Although there will be a fee for operating your payroll and (or) auto-enrolment, the benefits of reduced ‘time costs’ to you, compliance and peace of mind are a compelling reason to outsource this new legal responsibility.
As a payroll bureau we can take away all the administrative burden of Auto-Enrolment. Although there will be a fee for operating your payroll and (or) auto-enrolment, the benefits of reduced ‘time costs’ to you, compliance and peace of mind are a compelling reason to outsource this new legal responsibility.