Why Payroll Services are Important for the New Pension Freedoms
The new Pension Freedoms, which came into law in April 2015 are certainly a revolution in Pensions in the UK, giving those aged 55 or over the freedom to do what they want with their pensions, rather than simply buying an annuity. Payroll services have an important part to play when it comes to Pension Freedom.
The employment benefits consultancy, Portus, suggested recently that payroll departments need to establish efficient payroll compliance systems in advance of the launch of pension freedom, and that advice still holds true today over 6 months later, with many payroll departments still getting used to the new legislation.
Portus went on to say that they expected Pension Freedom to bring in changes as to how employee benefits are delivered, along with a fall in the number of normal retirements, a rise in staff asking for more flexible hours and an increase in the number of staff taking money out of pension funds from age 55. Importantly, all of these are ultimately delivered to employees through the payroll, so they must be done right.
We can help with your Pension Freedom through our Payroll Services
As an outsourced payroll services provider, we run the payrolls of small companies who don’t have their own in-house payroll department. This means our clients can get on with running their businesses without having to worry about the payroll, especially now that we are in the world of Pension Freedom.
If you would like to talk to us about our outsourced payroll services, simply contact us or call us on 0121 422 0550 for a free initial chat.