Auto Enrolment

What is Auto Enrolment?

Auto-Enrolment is a Government initiative which came into effect in October 2012 which compels employers to enrol eligible workers into a pension scheme and make contributions on their behalf. There are a number of different ways employers can meet their obligations, but even if you employ just one person you MUST take action. Fines are being issued for non-compliance starting at £400 but could rise to £10,000 per day depending on the number of staff employed.

Every employer must automatically enrol workers into a workplace pension scheme who:

  • who is aged between 16 and 74
  • who works in the UK
  • for whom you deduct income tax and National Insurance contributions from their wages.

This has meant some changes to the way payroll is run, as without a payroll product that has built in Auto Enrolment software your payroll is going to be an extremely time consuming exercise every month due to the necessary checks you need to perform each month.

If you are unsure of your staging date and you know your PAYE Reference number you can find out on the Pension Regulators Staging Date Calculator or if you would like us to help you do this please talk to Kelly or Charlotte on 01229 498486 or email on payroll@tiaccountancy.co.uk.

At TI Accountancy we offer a menu of services to employers, ranging from an assessment of your workforce all the way through to implementation of a bespoke pension scheme. We can arrange staff presentations, pension clinics and support from an experienced Independent Financial Adviser.

 

"It would be a mine field to keep records of opt outs and entitlements without them"

"Having TI Accountancy working with us on our Auto Enrolment has saved us hours of painstaking paperwork tasks. With so many employees with different circumstances it would be a mine field to keep records of opt outs and entitlements without them.

Having their support has meant we can trust we are compliant and that everything is done to time and with tremendous efficiency."

Raj Shetty, Eagle House Group Finance Manager Eagle House Group - http://www.eaglehousegroup.co.uk

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