Pensions are changing
If you are an employer, you will receive a letter from the Pensions Regulator regarding the changes facing employers.
In 2008 new legislation was passed that means all employers must offer their workers a workplace pension, and also make contributions to this pension scheme themselves.
Although these changes are being introduced gradually, all employers will be included in the scheme by the latest October 2018, many employers are already required to have enrolled.
What do you, as the employer, need to do?
– Find out your staging date
– Select a pension provider/scheme
– Inform workers/decide on contributions
– Set up your scheme online
– Enrol Workers
– Start to make contributions
– Ensure all starters/leavers are managed correctly
– Manage the opt-in/opt-out processes throughout the year
– Manage contributions, increases/decreases, payroll integration
The good news is that Glasgow Payroll can seamlessly integrate all these features in with our other payroll service, to all our clients both new and existing.
Apart from the expected fact finding process of setting up the system initially you will face minimal changes to your usual payroll process. We can add an additional feature to your standard payroll reports that explains your deductions for each staff member and the payments that should be made to your pensions provider.
We can also contact all employees directly to handle the full induction process leaving you to carry on with running your business effectively.