Automatic Enrolment – the Facts
The law on workplace pensions has changed. Under the Pensions Act 2008, every employer in the UK must put certain staff into a pension scheme and contribute towards it. This is called ‘automatic enrolment’.
Most businesses are already processing Auto Enrolment or are due to start processing within the next 18 months.
Your Staging Date – This is the Date that the law comes into effect for you
- Every employer in the UK must put certain staff into a pension scheme and contribute towards it.
- You can check your staging date at http://www.thepensionsregulator.gov.uk/employers/staging-date.aspx
You must write to your staff and keep copies of all correspondence
- All Staff must be notified of your responsibilities as an employer when you are due to stage
The Sage Pension Module can produce all the required correspondence
Are you aware of the amount of manual tasks that are involved and how long this will take you per period?
- Approx 5-7 minutes per employee each payroll run
The Pension module automates the process of auto enrolment and generates export data to be uploaded to your pension provider (If you are using 1 of the 3 main providers).
Ongoing Duties
Once you have completed your declaration of compliance you have ongoing duties towards your staff including keeping accurate records and monitoring ages and earnings of your staff.
- Employees have to be assessed every pay run, status amended and correspondence produced
The Pension Module will automatically asses your employees during each payroll run, make any necessary changes and produce any communications that are required for your staff.
The benefit of using the Sage 50 Pensions Module along with Sage 50 Payroll is that the whole process is automated and so takes very little extra time on top of your normal Payroll run. The Pension module sits inside the Payroll program so it’s part of your Payroll process. You don’t have to leave the system or wait for any info.
Flexible Subscription options are available which we can change as your business does. There is no upfront fee. For further information, help or a tailored quote please contact us.