Are you ready for Auto Enrolment?
The introduction of Auto Enrolment has already started and will affect every single employer in the UK over the coming months and years. When your staging date hits, you’ll be required by law to automatically enrol any eligible employees into a workplace pension scheme when you run payroll.
Qtac we are committed to ensuring that our customers are provided with a comprehensive set of Auto-Enrolment features that enable them to:
- Assess their workforce, categorise workers and automatically enrol them into a workplace pension when they become eligible.
- Communicate new pension enrolments, employee and employer contributions electronically to your pension provider.
- Generate all of the relevant employee letters that, as an employer, is your duty to ensure they receive.
Just like with Real Time Information, every piece of Qtac payroll software has an option to make Auto Enrolment automatic.
What Does Auto Enrolment Mean For Me?
A new law means that over the next few years every UK employer must automatically enrol their workers into a workplace pension scheme if they:
- Are aged between 22 and State Pension Age.
- Earn more than £10,000 per year (2015/16 limit, this amount will change)
- Work in the UK.
Every employer must have a pension into which employees can be automatically enrolled that satisfies the ‘qualifying scheme’ criteria.
The Pensions Regulator is urging businesses to start planning for Auto Enrolment 18 months before their staging date. You can find out your staging date by visiting The Pensions Regulator website.
For more information on Auto Enrolment visit The Pension Regulator website where you can also find out your staging date.
What Happens If I Get It Wrong?
Employers will have the responsibility for ensuring that they have a compliant scheme in place and making sure the correct employee and employer contributions are made every pay period.
If an employer has been found to be running a scheme that is non-compliant, then they face the risk of daily penalties from £50 per day, for small employers (less than 5 employees), to £10,000 per day for large employers (more than 500 employees) until compliance it met.
How Can We Help You?
Using HMRC Recognised software, written by our in-house developers, we can provide you with Auto Enrolment payroll software that will manage the automatic enrolment process from start to finish and support you in reducing your administrative burdens.
Our Auto Enrolment payroll software handles all activity relating to your Auto Enrolment staging date, as well as providing ongoing employee monitoring post-staging date to ensure compliance, issuing alerts when a member of staff becomes eligible, for example those who turn 22, provided they meet the additional requirements. It automates as many processes as possible, maximising accuracy and efficiency, and can include enhanced functionality such as a compliance monitor.
Understanding Automatic Enrolment.
One of the most important steps to take in preparing for any major change to legislation is educating yourself. This is why we have developed our Automatic Enrolment training Webinars which will run every other Thursday at 11am. The aim of these Webinars is to introduce you to the legislation surrounding Auto Enrolment and what impact these changes could have on your business. Our expert trainers will walk you through the various stages of Auto Enrolment you need to be aware of to make sure you can achieve compliance and avoid financial penalties. Please contact our Sales team on 01179353500 to book your place
We have also released our guide ‘An Introduction to Auto Enrolment’ which can be downloaded for free today!