Pension Auto Enrolment - Update and FAQby The Payroll Manager on 09/17/14
We are receiving a significant increase in enquiries relating to Pensions Auto Enrolment. The questions are coming from current and potential customers with the following being the main points of concern.
1. When must I start automatically enrolling my employees? The answer to this is straightforward and is linked here . Simply go to the website of The Pension Regulator and input your PAYE reference number (also known as Employers Reference Number ERN). Follow the instructions through to step two and select 'show my staging date' You will also receive a letter from HMRC near to the time that you need to start auto enrolment. If you are a current client of Paytec Online Payroll Services we already know your staging date.
2. How much will the additional service cost me? We intend to use the Sage Pensions module that integrates with our existing Sage Payroll software. Sage will be charging us for the software so we need to make sure that we pass on this cost along with a 'time' element but we want to do this as fairly as possible. As with most Sage products, the more clients we have using the software the lower the fee charged. In an ideal world we will have everyone on board meaning lower costs all round. At the moment, the worse case scenario is £300 per year for one company of up top 50 employees. We expect our additional fee to be much less but cannot commit until we know the definite number of clients who will be using our services.
3. Can Paytec recommend a pension provider? Unfortunately we are not licensed to act in this capacity as we are not financial advisers. You may already have a pension provider that can advise you otherwise you must make your own choice.