We’re really excited to let you know about some functionality we’ve released today in Sage One Payroll that will help your business prepare and get ready for new Automatic Enrolment of Workplace Pensions legislation…and the good news…this will be at no extra cost to your monthly subscription!
So what is Automatic Enrolment?
Automatic Enrolment is new legislation to ensure that employees can pay into a workplace pension. As an employer, you’ll have to put workers into a pension scheme if they meet certain criteria and you’ll need to make contributions towards their pension funds.
When does my business need to be ready for Automatic Enrolment?
The date you have to start complying with Automatic Enrolment, is known as your ‘Staging Date’. From June 2015, employers with 30 or less employees will start to be phased in.
It may seem that Automatic Enrolment is a long way off for your business but The Pensions Regulator recommends that you spend 9-12 months preparing prior to your staging date. If you’re not sure when your business starts staging you can use The Pensions Regulator’s free Staging Date Tool.
So how can Sage One help prepare my business for Automatic Enrolment?
To help your business get ready and prepared for Automatic Enrolment we’ve added the following functionality to Sage One Payroll:
1. Record your business staging date – so you can keep track of when your business needs to start complying with Automatic Enrolment
2. Nominate pensions contact – inform The Pensions Regulator who within your business will be the main contact for Automatic Enrolment
3. Assess your workforce – carry out an assessment of your workforce to determine worker category
4. Setup qualifying pension scheme – whether you’re planning to use NEST, NOW or The People’s Pension or choose your own pension provider
5. Communicate auto enrolment to your employees – print of email letters that will help inform your workers about Automatic Enrolment
6. Automatic Enrolment help – to help you understand how to get your business ready for automatic enrolment
Coming soon from Sage One Payroll for Automatic Enrolment
We’re continuing to work hard on Automatic Enrolment features that will help your business with auto enrolment beyond staging, including manage worker opt outs and postponement, reporting and record keeping, calculating pension contributions and working with your pension provider.
Please note: Sage is unable to arrange pensions or put you in touch with pension providers as these are regulated investments. Sage’s reporting works on the basis that you have independently established a pension scheme with these providers. Sage does not endorse, promote or recommend any pension providers or products.
If you’re looking for low-cost payroll software that makes complicated legislation easy, sign up for a free 30 day trial of Sage One Payroll or buy it now from just £5 per month at http://uk.sageone.com/payroll/