Auto Enrolment – It’s very complicated, you can’t avoid it, and it will cost you money.
Statistics show there is a growing elderly population in the UK. To pay for their retirement the government have passed the financial burden to employers, starting with larger ones first. Therefore Auto Enrolment (automatic enrolment) as part of The Workplace Pension Reforms, is here to stay.
Over the next few years smaller businesses will be included in the scheme and you need to get ready.
- If you employ staff you must have an Auto Enrolment scheme, even if all the staff opt out. (If you don’t it’s a criminal offence).
- Everything is time and date critical, you need to start setting up at least 6 months before your staging date.
- Once the scheme has been running, you will have to pay a minimum of 3% pension contributions for certain staff.
- Staff have to pay the balance of 5%.
- Monthly returns are required to the government and the pension provider, payment has to be made promptly (mess up and they fine you).
- The scheme requires constant monitoring and attention.
If you don’t set up such a scheme correctly you will be fined. If that’s not a sobering enough thought, believe it or not 50% of the big employers have already messed up their schemes.
Do you really want this hassle and face the prospect of being fined?
We will remove the headache of setting up and running a workplace pension scheme
How we will help you:
- We will help you set up a scheme, collate your data and run it for you alongside the payroll.
- Wellden Turnbull has invested time and money training staff and purchasing the most sophisticated software to run a scheme for you.
- Our service is only available if we also run your payroll as there is so much interaction between the two schemes.
- We will provide a fixed price quote to set-up and run the scheme for you and the agreed amount is collected by direct debit each month.
- You can’t set it up and forget about it unless you outsource Auto Enrolment to Wellden Turnbull.
Our Auto Enrolment service is run by our experienced payroll department.