With an ageing workforce, and the number of retirees predicted to rise by a third by 2050, many of us are simply not saving enough to enjoy a comfortable retirement. So the UK government launched the Pension Act to make it compulsory to save for the future with a scheme known as auto-enrolment. EasyPAE give you the facts.
What is auto-enrolment?
As of 1 October 2012, millions of eligible workers are being automatically enrolled into standardised workplace pension schemes.
This means:
- All employers and eligible employees must make monthly pension contributions.
- Approved pensions schemes must be set-up for eligible employees.
- Specific training & software will be needed.
- Re-enrolment must occur every 3 years.
Who will it affect?
Auto-enrolment will affect every employee aged between 22 and State Pension age, who earn more than £10,000 a year and work in the UK.
This compulsory scheme applies to all employers. It is a criminal offence for an employer to fail to auto-enrol and or re-enrol every three years.
Why you can’t ignore it
- It is a compulsory scheme.
- It is a criminal offence to not comply.
- Risk of penalties up to £10,000.
- Risk of custodial sentence.
The costs of compliance
- Approximately 33 administrative tasks required.
- Increased overheads and processing time.
- Specific software and training costs.
- Fit-for-purpose IT systems for communication.
EasyPAE – Your Auto-enrolment partner
EasyPAE is your easy route to auto-enrolment peace of mind. Our dedicated advisers and intelligent software solutions will make your business’ switchover a seamless and pain-free experience.
- You send to us your payroll details.
- We categorise your employees for enrolment purposes.
- We deal with any opt-ins and opt-outs.
- We calculate payroll
- We calculate pension contributions
- We take care of all communications (employee, employer, pension scheme provider)
- We notify the employer of PAYE and Total Contribution due.
- All for a fixed monthly fee.
Auto-enrolment seminars
EasyPAE has already delivered a successful seminar for local businesses to provide an up-to-the-minute briefing about the fundamentals of auto-enrolment. We will be scheduling further seminars very soon, so please keep an eye on our website, www.easypae.co.uk, for more details.
What to do next?
For more information contact EasyPAE on 01704 504043 or at payroll@easypae.co.uk to speak to our dedicated auto-enrolment experts for free advice and a no obligation quote.
