Pensions Automatic Enrolment
Pension Automatic Enrolment is the latest Government initiative on workplace pensions reform. The legislation impose several duties on an employer, including access to a qualifying pension scheme, assesment of the workforce and communication to employees. It is the biggest change to workplace pensions for a generation.
Pension Automatic Enrolment Involve?
The rules around Pension Automatic Enrolment mean that there is a greater onus on the employer to undertake a number of processes to ensure that they are complying with the legal requirements and supporting their staff effectively.
Every employer running a PAYE scheme has been issued with a staging date. This information has been communicated, and you can find out your date by visiting the Pension Regulator's site.
Whilst there is a major one off exercise to prepare for Automatic Enrolment there will also be an on-going draw upon resources to administer the workforce assessment requirement every payday. In fact, one industry expert is suggesting that an additional 100 days will be required each year just to fulfil its on-going requirements.
Our payroll team have already been working with some of our larger clients to prepare for and implement Pension Auto Enrolment processes.
Why Should You Outsource Pension Automatic Enrolment Administration?
- Eliminates the need to find and train resources for a one-off peak activity,
- Alleviates the significant on-going administrative burden,
- Guarantees compliance with legislation,
- Cost effective - organisations can benefit from the economies of scale provided by outsourcing,
- Ability to set high service level agreements,
- Allows management the time to focus on core business activities.