As you may have heard in the news, the government has introduced a new law to make it easier for people to save for their retirement.
What it will mean for an employer is they have to pay 3% of a portion of a worker’s salary to the workplace pension scheme.
To read our simple guide about automatic enrolment – what automatic enrolment is and what it means for you as an employer, click here or click the image of the guide.
Automatic enrolment requires all employers to enrol their workers into a qualifying workplace pension scheme if they are not already in one. At present, many workers fail to take up valuable pension benefits because they do not make an application to join their employer's scheme. Automatic enrolment is meant to overcome this.
This has already started for the largest employers, but will be phased in over the next five years for all businesses. For businesses with less than 50 workers, this will not take place until 2016/2017.
With RTI (Real Time Information) for payroll coming into force in April 2013, these are huge changes to how payroll has to be administered for smaller businesses. This will undoubtedly put a huge strain on time and money for many of these businesses – the time to learn the new processes, set up a pension scheme and inform the pension scheme when workers need to join and when they are leaving, along with potentially have to buy payroll software that is RTI compliant.
For many small businesses, the extra work involved in payroll will soon be too much for them. A cheap and simple option can be to outsource your payroll.
We offer a full payroll bureau service for your business at very competitive rates. We ensure that you are fully compliant with all aspects of payroll, including the new changes coming into force -
If you are an employer and would like us to carry out your payroll for you, or you would like help with RTI or automatic enrolment, please contact us for more information about our payroll services we offer.
Tel & Fax: 01845 525502