Workplace Pensions Auto-Enrolment – a legal requirement for all employers – is now on the horizon for your company.
If you have already vested or have made your own arrangements which are compliant with the requirements of the pension regulator don’t bother reading this otherwise although it can be mind numbing it is important both for you and your employees so please read on
The on-going administrative burden of Auto-Enrolment is complex and potentially time consuming for employers especially small companies but I am now working with an organization which provides a low cost, end-to-end solution for their clients.
They would like to provide you with an Initial Assessment Report by email free of charge in the next 30 days. In order to receive this email, please provide me with your PAYE reference, total annual salary bill, number of employees and the percentage contribution you would like to make to your employees scheme (currently these are set at 1% employer and 1% employee).
This Initial Assessment report will contain a survey of all of the pension provider options available to your business right now, based on your employee numbers and the size of your estimated monthly pension contributions. If you would like the organization to help with your scheme, you will then have the option to tell them your preferences for the design of your pension scheme or to fast track your choice to meet the legal minimum requirements.
Once you have made this choice, they will provide you with a full Auto-Enrolment report which will detail the pension provider which appears to be the best fit for your company, together with a description of all the processes and tasks which will be undertaken on your behalf.
The cost of Auto Enrolment is £400 + VAT for set-up and £1 per month per employee, once you begin to make pension contributions. The organization will liaise with the person who runs your payroll and generate the required contribution files and all the letters required for your employees, together with any other reports and reminders which are not already produced by your payroll software.
Auto Enrolment is compulsory you will be fined for non- compliance
There is a looming capacity issue it is anticipated that 46000 companies will need to vest this year and 512000 in 2016
Please contact me before April 29th if you would like to take advantage of this free offer