The Pensions Regulator's 8 key questions to ask your software provider
It is important to have software in place so that you can manage the requirements of Workplace Pension Reform and ensure that you are automatically enrolling the correct employees and making the correct pension contributions for them.
The Pensions Regulator recommends checking that your payroll software can handle automatic enrolment (not all software has been updated to meet TPR regulations and some suppliers are only providing a partial solution) and has put together a recommended list of questions.
You should ask your payroll provider if their software:
- Assesses your workforce
- Allows the use of postponement
- Calculates pension contributions
- Handles opt-in and joining
- Handles opt-outs and refunds
- Supports you in generating and issuing letters
- Keeps records and provide reports
- Interoperates with some or all pension scheme provider systems
If the answer is no to any of the questions above you should look at changing to a system that can meet these requirements. Remember to allow plenty of time for familiarising yourself with new software, getting the appropriate training, set-up and configuration work, and finally for testing your new system.
How IRIS can help:
IRIS is a leading provider of compliant automatic enrolment software that can manage the whole process for you and has assessed more than 400,000 employees. For a free demonstration of the IRIS AE Suite™ please contact the IRIS team on 0344 815 5700.