Auto Enrolment – We’re Here to Help

Auto Enrolment – We’re Here to Help

Automatic Enrolment (or workplace pensions) is now being rolled out to employers of all sizes. This means an added admin and cost burden for anyone who employs staff as the employer has to pay into the employee’s pension.

It is vital a qualifying scheme is set up at the appropriate time and that the scheme is administered correctly as there are large fines for business’ that do not comply.

Here’s a diagram to help you understand the 6 key steps to AE:

Artboard 3-8

As minimum employer contributions increase it is vital you establish by how much the cost to your business will increase. This may be difficult if you plan to take on extra staff as you will not know whether they will opt out or not so you may decide to base your calculations on a worst case scenario.

Current Auto Enrolment rates:

Minimum employer

contribution

Minimum total

contribution

Year ended 5/4/18

1%

2%

Year ended 5/4/19

2%

5%

Year ended 5/4/20 3%

8%

 

Payroll can be complex and time consuming. 5four Payroll Services offer a bureau facility for processing your payroll and auto enrolment. Supplying you with reports, payslips etc. Contact us if you would like further details on 01482 428010 or email help@5fourpayroll.co.uk.

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