Do you employ one person or more?
In 2012 the government introduced compulsory pension provision for all employers. So how do the new pension and compliance regulations affect your business or personal circumstances?
- All employers are required to provide a pension for eligible employees and contribute to a pension scheme that meets qualifying auto enrolment standards
- Employers are required to make contributions to the auto enrolment pension scheme, starting at 1% of band earnings and rising to 3% by 2017
- Those with long-established schemes will be affected by these new rules as the scheme needs to qualify under the auto enrolment regulations and there are compliance requirements to be addressed
- For those employers with no scheme or those that are not making contributions currently, the new auto enrolment pension and compliance requirements could have a major impact on your daily business. Failure to comply by the required date could lead to a hefty fine
- Whether you employ a workforce or just a personal care assistant, nanny, gardener or chauffeur, auto enrolment affects you!
With so many automatic enrolment solutions on the market, which one is the best one for your business or personal circumstances?
Your chosen solution needs;
- to be cost effective and not disrupt the daily running of your business or personal life
- to include the provision of a qualifying workplace pension scheme
- to be user-friendly and include simple and effective controls for all aspects of auto enrolment obligations
- to provide automatic eligibility assessment, employee communications and reconciliation of contributions
- to automatically select a “suitable pension outcome” for your employee/s
- to provide a secure employee information that includes details of individual pension “pot”
- option for portal branding to promote and retain your corporate brand, image and identity
- to provide digital storage of statutory documents and information required to satisfy the auto enrolment reporting obligations of The Pensions Regulator
- to provide bureau support for outsourced payroll management
- an option to upgrade to the full PAYE/autoenrolment portal; a solution that integrates into existing payroll or HR infrastructure and distributes PAYE documentation (payslips, P60, P11D), digitally
- to be fully supported, right from the start, by an expert team of automatic enrolment assistants who will assist you in meeting your obligations
Our full auto enrolment solution includes all this and more. Our team of auto enrolment experts help you to implement the auto enrolment solution and reduce the impact of auto enrolment compliance on your business or personal life.
For more information about auto enrolment, contact us today.