AUTO ENROLMENT – 3 things you need to know and 5 things you need to do
At Revell Ward, we have invested a large amount of time in understanding the issues and preparing to help all of our clients – not just our payroll clients.
Pension responsibilities are here and your business will be affected. Payroll is a crucial part of the administration of auto enrolment.
Here are 3 things you need to know about auto enrolment and the new pension responsibilities:
• It will cost your business money
• There are large fines for getting it wrong
• You need time to plan to get it right
If you want to know more about the background to auto-enrolment, get in touch. We haven’t included lots of detail in this guide, but we can provide far more on request.
Instead, this guide should help you to focus on 5 crucial areas which you will have to deal with well before your staging date.
1. Find out your staging date.
We can do this for you for no charge. Simply call us with your PAYE reference to hand.
2. Get your payroll data ready (components, email addresses, dates of birth).
We can help with this. Contact us for a quote and further details of what you need to do, and why it is so important.
3. Make arrangements for appropriate pension schemes to be ready.
Contact your pensions adviser. We would be happy to attend meetings to help you to ask the right questions.
4. Ensure that you have the tools and the know-how to deal with assessment, communication and processing.
These could be a combination of payroll software, middleware and pension provider software. Our payroll software does all of the worker assessment and contributions calculations, and we can produce the information for your pension providers too.
5. Evaluate the costs of the planning, preparation, infrastructure and ongoing pension costs and processing costs, so that you can plan ahead to cover these costs.
We can help you to do this by using your current payroll data. Contact us for a discussion of how this would work and our fees.
Contact Jennifer, for your free auto – impact calculations. Don’t delay!!!
Can you do all this yourself?
Like most tasks, you can theoretically deal with all of this in-house. You need to be aware of all your obligations with regards to communication, record-keeping, compliance and ongoing paperwork.
You also need to be aware of the fines for non-compliance. The Pensions Regulator have committed to taking a tough stance on non-compliance and have the remit to levy fines of up to £10,000 per day.
For information about auto enrolment and your pension responsibilities, click the link.
Read more about Auto Enrolment in our Payroll blog – Payroll Chat.