The introduction of compulsory workplace pensions – Auto Enrolment run by employers for their employees is a huge change for all businesses and organisations. It adds yet another layer to the payroll and administration processes.
Automatic pension benefits for the employed
In the past, many workers missed out on valuable pension benefits, because their employer didn’t offer them a pension, or they didn’t apply to join their company’s pension scheme.
Automatic enrolment changes this. It makes it compulsory for employers to automatically enrol their eligible workers into a pension scheme. The employer must also pay money into the scheme.
Automatic enrolment is being phased in, starting with the largest UK employers. So if you’re eligible and haven’t yet been enrolled into your workplace scheme, you should be by 1 February 2018, at the latest.
At Payroll Solutions UK we make the introduction of auto enrolment as simple as possible for our clients and that includes:
Giving an understanding of the Auto Enrolment process and obligations.
Selection and implementation of a suitable pension scheme.
A payroll process that fully integrates the assessment of staff and the calculation and deduction of pension contributions.
Dealing with staff opting out and opting in.
Paying over of those contributions to the pension provider and reporting to them.
Issuing the Declaration of Compliance.
View more details on Auto Enrolment here