Why an outsourced Payroll Service can help with Workplace Pensions.
Workplace Pensions have been around for a while now and have become part of life for companies in the UK. Indeed the Office for National Statistics (ONS) confirms that total contributions to workplace pensions are increasing following the introduction of auto-enrolment in 2012.
Don’t Get Caught out
It is the responsibility of all employers to make a minimum contribution to their employees’ pensions, starting at a level of 1% and increasing over time to 3% by 2018.
The Pensions Regulator has a range of enforcement options with fixed penalties of £400 and escalating penalties with a daily rate of £50 to £10,000 depending on your number of staff, so it’s important to get everything done correctly and on time.
How can an Outsourced Payroll Service Help?
As with all new legislation, the process of setting up Workplace Pensions for your employees can be complicated and lengthy, especially if you are an SME. At JLP we can help you along the way, from knowing your staging date to full activation.
Then of course, comes the on-going changes to your company payroll that are needed, given that your company, the government and each employee must make a contribution. Again, this can be complicated, but not if you use us as your outsourced payroll service.
Our mission is to offer you a quick, efficient and accurate outsourced payroll service which covers all of your payroll needs, including Automatic Enrolment and Workplace Pension. Call us on 0121 422 0550 or contact us to find out more about we can help your business.