Auto Enrolment

In conjunction with Sage payroll processing and RTI, Haworth & Co payroll bureau can deal with your AUTO-ENROLMENT requirements THE EASY WAY (see below)

The law on workplace pensions has changed. Every employer with at least one member of staff now has new duties, including putting those who meet certain criteria into a workplace pension scheme and contributing towards it.

This is called automatic enrolment. It's called this because it's automatic for your staff & they don't have to do anything to be enrolled into your pension scheme. But it's not automatic for you. You need to take steps to make sure they're enrolled.

If you employ at least one member of staff, you'll need to automatically enroll them into a pension scheme if they meet certain criteria. Get started by reading The Pension Regulator's essential guide to automatic enrolment.

Each employer has a date by which they need to comply with the law. This is called your staging date. Find out yours now with TPR's staging date tool.

Costs associated with the pension scheme

Compulsory employer contributions are the main costs associated with the pension scheme. You'll have to pay a minimum employer contribution for everyone you automatically enrol and anyone who opts in. The minimum amount is being phased in, starting at 1% and rising to 3% of staff's qualifying earnings - for more information go to contributions and funding.

You'll need software in place that can handle the requirements of automatic enrolment. This will usually be your payroll system. Speak to your payroll provider about what they can offer. You may have to pay for any upgrades to your existing software. If an upgrade isn't available, you'll need to decide whether to get new software that's been designed to handle automatic enrolment. Or see if you can get additional software and integrate it into your existing payroll system - there may be a cost for this

You are able to delegate many of the automatic enrolment duties to a third party, such as your accountant or a financial adviser, if you wish. If you do this, they may charge extra for their time and services.

You may be able to absorb all of the preparations in-house, in which case the main cost to your business will be time. We can't tell you how much extra time you'll need as this will vary a lot between employers. But you need to be aware that time will be a significant cost.

Seeking financial advice is optional, but if you decide to speak to a financial adviser, there will usually be a fee. The main area in which you may want to seek financial advice is finding a pension scheme that's most suited to your business.

AUTO ENROLMENT - THE EASY WAY

Avoid high costs and use our all-in-one option THE EASY WAY

In advance of the staging date:

  1. Free meeting to develop AUTO-ENROLMENT Action Plan and determine costs
  2. Determine a date to transfer your existing payroll to our fully-integrated AUTO-ENROLMENT & RTI Sage Payroll
  3. Register you with a low-cost pension provider (eg NOW; Nest; or People's Pension) or introduce you to an IFA for a more specialised scheme
  4. Using our Sage software determine which members of staff to enroll and advise both yourselves and your staff
  5. On or after your staging date:

  6. Using our Sage software automatically enroll your staff
  7. Process your payroll and employee/employer pension commitments; advise the relevant pension company and advise you of relevant payment
  8. Complete your declaration of compliance with The Pension Regulator
  9. Maintain accurate records
  10. Fulfill ongoing payroll responsibilities including dealing with new joiners/leavers and monitoring existing employees whose status change

For further information and free initial meeting ring Phil Haworth on 01362 690022 or 01603 614074 or email

Next Step:

Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.

 

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You can find us at:

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42 Unthank Road
Norwich
Norfolk
NR2 2RB

01603 614074

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21 Market Place
Dereham
Norfolk
NR19 2AX

01362 690022