The Pensions Regulator deliver their latest update to IRIS
In amongst the sugar fuelled fundraising for Macmillan on Friday, Bryan McDaniel, Industry Liaison Manager at The Pensions Regulator came in to deliver training to our auto enrolment experts.
Following recent training delivered to the staff from NEST, NOW: Pensions and The People’s Pension, we invited in The Pensions Regulator (TPR) to update our auto enrolment experts with the latest legislation.
Topics covered in the workshop, delivered by Bryan included:
- An update on the Regulator’s intermediary research – spring 2015
- A reminder of the key employer duties & new regulations, covering the myths and misunderstandings
- An update on the latest compliance and enforcement of auto enrolment
- A question and answer session
The training delivered by TPR means that our sales teams cement further their title as auto enrolment experts. This gives you the confidence that any questions or queries you may have when talking to us, will be answered thoroughly and comprehensively.
In addition to this, it also ensures that the teams thoroughly understand the needs of all businesses at each stage of their auto enrolment life cycle; be it approaching their staging date or complying with their re-enrolment duties.
Bryan also expressed further the need for businesses to prepare early for auto enrolment. Quoting feedback from SMEs that had already staged, the research found that the learning curve for auto enrolment is a steep one which is accentuated if preparation is left as late as possible.
In addition to this, many who did leave their preparations late wished that they had started much earlier. A key driver for businesses contacting advisers was the realisation of their impending deadline. In January alone, there will be around 100,000 businesses reaching their staging date which is in essence the tip of the iceberg considering that 1.8 million businesses will all be going through the same process between now and 2018.
What this means is that with the inevitable increase of businesses staging; coupled with large businesses going through auto re-enrolment; the squeeze on available help and resources is going to become very tight.
To avoid being caught up in this “capacity crunch”; it is extremely important that you take the advice of TPR and start preparing early. Payroll providers like us, pension providers, IFAs and accountancy practices are all businesses at the end of the day that have their own limits.
To put it into perspective, trying to gain help, advice and software for your auto enrolment staging date at the last minute is like trying to buy a Turkey on Christmas Eve. There will be many people all vying for the same thing and ultimately risking non-compliance fines. It is so easy to avoid the non-compliance, fines and headaches.
As the old saying goes, it really is a case of “if you fail to prepare, then prepare to fail”. TPR recommend that you start looking into auto enrolment and planning your solution at least 12 months before your staging date. By doing this you allow yourself a comfortable cushion on which to properly set yourself up for a massive change in the way your payroll and pension arrangements are run. Put simply, if your staging date is any time in 2016, you should already be looking at auto enrolment solutions.
The IRIS AE Suite™ is our all-encompassing solution for auto enrolment. The IRIS AE Suite™ automatically assesses your employees’ eligibility for auto enrolment with every payroll run, with the click of a button. In addition to this, it also distributes electronic payslips and P60s to your workers’ secure online portal, including the legally required pension communications.
This solution not only runs your auto enrolment, but also streamlines your entire payroll process. The best way that you can see this for yourself is by booking a completely free demonstration.
Follow the link, enter your details and one of our auto enrolment experts; trained by TPR; will contact you about the demo. After finding a bit more about you and your business, you will receive a link to join the demonstration session.
No downloads, no installations, no cost. Just click to join the online 1-2-1 demonstration and see how much time and money you can save with the IRIS AE Suite™.