Under the pensions Act 2008, there is now a legal requirement for every employer to offer a workplace pension. The rules around Auto Enrolment mean that there is a duty on employers to act in compliance with The Pensions Regulator. As a Micro or SME employer you will need to undertake a number of processes to ensure that you are complying with the legal requirements and are supporting your staff effectively.
Your Payroll is well placed to help you with the Auto Enrolment process, having already assisted many small companies. Our HMRC approved payroll software will manage your workplace pension to ensure you comply with your new duties at your staging date and beyond.
Your Payroll service will:
- Set up pension information in the payroll system, including pensionable and qualifying earnings, any postponement periods, pension scheme codes and details of output files required.
- Complete the initial employee assessments on your behalf and assign the correct “worker category” to each employee.
- Create and publish all pension communications to employees via a secure portal*. Employees can then log in to view, save or print their information.
- Provide output files for each pay period to enable your pension provider to collect the correct amount of contributions by direct debit.
- Continually assess all employees each time they are paid based on multiple criteria.
- Process refunds of contributions for employees who have opted out.
- Record opt out dates to ensure employees are automatically opted back in after a three year period.
* The portal is available 24 hours a day and is secure, password protected and fully compliant with UK data protection laws. Furthermore, a free App is available for employees to view their respective information from personal devices such as smart phones and tablets.