Pensions Automatic Enrolment with Perfect Payrolls
Pensions Automatic Enrolment isn’t new. It’s been around since 2012, albeit for some employers their deadline was only February of last year (2018). It has come about because of the new requirement for employers to help employees prepare financially for their retirement.
A complicated process:
Automatic Enrolment or Auto Enrolment as many people are calling it is causing many employers quite a few headaches. These headaches are partly because the whole thing is new for some employers, but the fact is, it’s also quite a complicated process.
Legislation requires employers to automatically enrol most workers into a pension scheme that both they, and the employee will have to contribute to. This means you need to assess your workforce; review your pension arrangements and communicate with all of your workers. You also need to automatically enrol eligible workers into a pension scheme and register with The Pensions Regulator. As well as all that, you need to keep appropriate records and make contributions to your workers’ pensions.
Seeing it written, in black and white, it seems straightforward enough, but the reality is it’s causing a whole lot of administrative headaches for many employers.
Pensions Automatic Enrolment and Payroll
The smoothest way of dealing with Pensions Automatic Enrolment is to deal with it at the same time as payroll. When you work that way, you avoid duplicated effort and costs. Do it any other way and you’ll find yourself doing two sets of calculations – one for your payroll and one for your pension provider. And that makes no sense whatsoever.
At Perfect Payrolls we provide outsourced solutions to make Pensions Automatic Enrolment easy. Working it into the payroll means you fulfil your obligations and avoid duplication in one go. In fact, our payroll experts can even advise on the whole set up process as well as identifying appropriate options for pension schemes if you need us to.
All in all, there’s no need for Pensions Automatic Enrolment to be a headache when you have Perfect Payrolls on your side.