The Pensions Regulator announce their top four auto enrolment tips for SMEs
The Pensions Regulator (TPR) visited IRIS’ Manchester office yesterday and presented their four top tips for businesses yet to stage for auto enrolment.
The Pensions Regulator’s top four auto enrolment tips are:
1. Don’t leave preparations until the last moment
In the 12 months beginning April 1st 2016, there are an estimated 570,000 small and medium-sized businesses due to stage for auto enrolment. TPR recommend that businesses of any size begin preparations for staging at least 12 months in advance, to help ensure that everything goes smoothly the closer the business gets to their staging date.
2. Have a solution in place at least 6 months before your business’s staging date
Whilst businesses should begin preparations for auto enrolment 12 months before their staging date, TPR recommend that businesses have a payroll software solution in place at least 6 months before staging. This is to help businesses learn their new software and have the time to focus on how the workplace pension reform could affect the business.
3. Cleanse employee data and test your payroll before your staging date, rather than after, to identify possible issues
Once you have your payroll software in place, TPR recommend that employers regularly test their payroll, including auto enrolment contributions, so that they become familiar with the changes. This also helps businesses identify problems before, rather than after, their staging date and thus have time to act and correct them.
4. Ensure your payroll software is fit for purpose and can send the appropriate data to your pension provider
Having a system already in place is a great first step towards compliance, but did you know that having payroll software that can send information directly to HMRC, and maintain an audit trail of documentation and communications can save you hours of work each month? Businesses must comply with Real Time Information (RTI) requirements and send regular, up-to-date information to HMRC. Additionally, maintaining a record of all auto enrolment documentation and communications for six years is also required to maintain compliance. Make sure that your payroll software is fit for purpose and can do these to save yourself time and money in the future.
If your payroll software is not fit for purpose and could use an upgrade, IRIS have the solution to help: the IRIS AE Suite™.
The IRIS AE Suite™ has been developed through close relationships with The Pensions Regulator, pension providers, as well as through customer feedback. The solution works within your payroll and is not a ‘middleware’ solution. It’s no surprise that the industry’s leading auto enrolment solution helps pay over 600,000 employees.
The best way to see the benefits the IRIS AE Suite™ can bring to your payroll, is by having a one-to-one product demo by one of our auto enrolment experts here at IRIS. There are no downloads, no installations, and the demonstration is of course at no cost to yourself. Book now to see how the IRIS AE Suite™ can help streamline your payroll and help your business comply with auto enrolment.