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Employers – Will you process auto enrolment in-house or outsource to an Accountant/Bureau?

The Pensions Regulator continues to try to inform employers about their new automatic enrolment (AE) duties. There is so much information available it has lead to much confusion. For employers, there is no getting around AE either. It is here to stay whether you like it or not. Employers that have at least one member of staff now have specific, mandatory duties to perform. This includes enrolling those employers who are eligible into a workplace pension scheme and contributing towards it. There are also some duties that need to be completed for non-eligible and entitle employees.

 

Another consideration for employers is whether you have the time or staff resources to deal with AE in-house or outsource this to a payroll bureau or accountant?

brightpayroad

Confused? Join BrightPay for a free webinar where we will take you through our step-by-step guide to automatic enrolment has been designed to help employers understand the processes involved in completing their automatic enrolment duties.
One of the subjects on the webinar will weigh up the advantages of processing auto enrolment in-house or will you look to outsource this job to an accountant, bookkeeper of bureau? See the webinar agenda below.
Agenda
• Auto Enrolment Overview
• Staging dates
• Assessing Employees
• Enrolling
• Option of Postponement
• Handling Opt-outs and Refunds
• Supporting Employee Communication
• Recording and Providing Reports
• Integration with various Pension Providers
• Payroll Software
• Process AE in house or outsource

Register here today
Don’t worry if you can’t make it on the day we will record the webinar and send it to you after the webinar, along with any questions and answers that were discussed on the day. By registering your details for the event we will automatically send the information to you.

BrightPay_&_AE

Auto Enrolment do you need help?

Now Pensions

New research*, from workplace pensions provider NOW: Pensions reveals that four in ten (44%) small and medium sized companies haven’t given any thought to how they’ll go about finding a pension scheme to comply with the new auto enrolment legislation. But, a significant proportion, (14%) intend to get help from their accountant.

Of the 450 small and medium sized firms surveyed 5% are going to consult an IFA, 4% are going to search the market and do the research themselves. Only 2% have already made a decision and secured a scheme.

Over a fifth (22%) intend to use their existing pension provider for auto enrolment. This comes despite growing concern that some providers will not support smaller employers’ auto enrolment needs.

Despite a large proportion of SMEs admitting they are yet to think about their pension scheme, over half (57%) of firms surveyed think that their choice of pension provider is either important (33%) or very important (24%). Only 8% think it is unimportant.

Four in ten (40%) believe offering a good quality pension scheme will help with employee retention and nearly a third (32%) think it will help to improve the attractiveness of their company to potential employees.

Morten Nilsson, CEO of NOW: Pensions continues: “As auto enrolment gathers pace, accountants will play a key role in guiding small and medium sized companies through the complexities of the legislation. For those accountants that manage payroll, auto enrolment is unavoidable so getting to grips with it sooner rather than later is a must.”

Stephen Milne Chair of the CIMA Members in Practice Panel said: “With over 10,000 employers auto enrolling each month, support for SMEs is inevitably in short supply. Accountants are ideally placed to provide much needed help with the process from scheme selection to assessment and implementation.”

Through Business Accountant, a service provided by CIMA Members in Practice, companies facing auto enrolment can book a local CIMA Member in Practice by calling: 023 8064 3763.

*Research undertaken by BDRC Continental, an award-winning insight agency. Questions were put to 450 UK SMEs (up to and including 250 employees) via BDRC Continental’s monthly Business Opinion Omnibus. Telephone-based interviews with a nationally representative sample of senior financial decision makers across the UK, weighted by size, region and sector. Fieldwork dates 3rd to 13th March 2014

**Research conducted online with 264 advisers by Defaqto between 25th November and 5th December 2013.

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