Neil Cameron, Chiene + Tait Payroll Manager, has recorded a webinar that provides an update on key payroll issues all employers should understand when looking at auto enrolment and pension changes. Click here to view the webinar.
Due to a variety of reasons, in the past, UK workers have missed out on valuable opportunities to save for a pension. The UK Government aims to change this with Auto Enrolment (AE), which makes it compulsory for employers to automatically enrol their eligible workers into a pension scheme. Roll out of Auto Enrolment has been staged since 2012, starting with the largest employers, followed by medium, then small and micro businesses.
The Pensions Regulator (TPR) is due to process its largest volume of companies in the next stage of AE – up to 110,000 small businesses, later this year. This is a significant increase on the 3,400 medium sized businesses processed at the end of last year. The next group to be staged is 617,000 small and micro businesses, who must all be processed by TPR by March 2017.
With the greatest number of employers just about to start using AE, now is the time to plan ahead and prepare for the mandatory changes to running a payroll. If you are yet to reach your pension auto enrolment stage or have questions about pension auto enrolment, don’t sleepwalk into problems.
If you have a question about auto enrolment, contact Neil at email@example.com or call 0131 558 5800.