7 ways GP practices can streamline auto enrolment - Q&A Session
Recently IRIS held a webinar on the 7 ways that GP practices can streamline their auto enrolment process by using the IRIS AE Suite™. Following the webinar was a question and answer session and here are some of the questions that were posed to the CEO of IRIS SME Division, Mark Paraskeva.
Q: Can you run more than 1 pension provider with IRIS AE Suite™? Our staging date is 1st October 2015 - are we too late to purchase and implement this package this month?
Mark: Our products will support multiple providers and infact, many accountants and bureaus do use different pension providers. The payroll software will support different pension companies.
In terms of being too late for your staging date, first of all yes - that really is late. You should really be looking at this at least three to six months before your staging date. However, we have had the odd person that, for whatever reason, has been late to stage and you are fully able to get in contact with us so that we can help you. But please for everyone else, try not to leave it late!
Q: What if some employees are in the NHS pension and others are with another pension provider?
Mark: That is absolutely fine. You would need to use the IRIS AE Suite™ for those other employees and importantly you continue to use both of those schemes. So existing schemes can continue the way that they are with the IRIS AE Suite™ but importantly you will be able to add a default auto enrolment scheme for those particular employees.
Q: Auto enrolment will only affect a couple of members of our staff. Is it really necessary to go to this expense?
Mark: The answer is absolutely yes. Auto enrolment is a legal requirement. Every employer is required to automatically assess and enrol all of their eligible staff. It doesn't matter if you have one employee or 10,000; the obligation is still there. Importantly, because of the way that we have price the IRIS AE Suite™ you will only pay for what you need.
Q: I only have one employee for whom auto enrolment will apply and I know they are going to immediately opt out! Is it not a waste of money to pay for all employees, when I can do this process an alternative way?
Mark: As I said before, it doesn't matter if you have one or 10,000 employees, you still have to run through the process. Importantly, you definitely should not assume that people will opt-out. The whole reason that auto enrolment was introduced is because as a country we are not saving enough for our retirement years. This is why it is really important that people save at least the minimum amount. Having said that, even if people do opt out, this doesn't change the legal requirement. You will still need to assess them, automatically enrol them and send them the auto enrolment communications.
One of the best ways to find out more about our auto enrolment software is by sitting a completely free demonstration. By watching a demo, you get a live 1-2-1 show of the software and how it works.
You are also fully able to ask as many questions as you like. If you have more questions in addition to those already asked, you can follow the link below to book some time with one of our auto enrolment experts.