Article by Rebecca Mason 20.04.15
As a charity, or, organisation who has staff, you, cannot avoid automatic enrolment (auto-enrolment) which is widely marketed to the public as workplace pensions…but, what is it all about? Here is a overview.
What Is Auto-enrolment?
A Government initiative to help people save for their retirement. All employers will be legally required to enrol their eligible jobholders onto a qualifying workplace pension scheme. Both employer and employee will contribute money to the fund.
When Will It Affect Me?
This depends on your staging date, which is determined by the number of staff you have and your PAYE reference number. You can find your staging at www.thepensionregulatir.gov.uk
How Much Does An Employer Contribute?
This will vary until 1st October 2018, where an employer’s contribution will be set at 3% of an employee’s earnings. An employer can opt to contribute more. The total contribution of an employer and employee must be a minimum of 8% by 1st October 2018.
What Happens If We Don’t Comply?
There is a range of consequences, from requirements to correct a breach, pay any unpaid contributions, all the way to fines and imprisonment.
Can My Payroll Software Still Process My Payroll?
Yes it can do, however, you will have to buy the supporting software.
As a payroll provider, I can offer a fully integrated payroll & auto-enrolment package.
For further information on this, or, advice on auto-enrolment, please feel free to contact me on either email@example.com or 07531051264.