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What is the best way to comply with auto enrolment? [Video]
Watch the short 90 second video below to find out how IRIS is helping businesses comply with auto enrolment, the workplace pension reform.
The government introduced auto enrolment in 2012 in an attempt to get more of us saving for our retirements. The initial stages have been deemed a major success with over 5 million people being enrolled into eligible pension schemes with just a 12% opt-out rate.
In 2015, around 46,300 businesses are set to stage; more than any other year since the 2012 workplace pensions reform. And it isn’t the end, either. Auto enrolment plans are now at a stage that is effecting small and micro employers meaning more and more people are going to be affected.
The legislation is very complex and there is a stringent set of guidelines and responsibilities that must be followed by employers. This is an expense in both time and money in terms of the cost of the extra pension contributions, labour to run intitial employee assessments, recurring assessment of employees and also the costs that are associated with these processes.
Add to this the risk of £400 fines that are associated with missing your staging date in addition to daily fines up to £10,000 and the prospect of auto enrolment becomes even more daunting.
IRIS thought that there was a better, faster way of doing this as well as streamlining your payroll process in the long run. The IRIS AE Suite™ automatically assesses employees, publishes pension communications (a legal requirement) and distributes payslips and P60s electronically; all part of the payroll run.
This effectively reduces the recurring burden of auto enrolment to nothing and significantly decreases the initial time and costs that are associated.
The 90 second video above contains current IRIS customers explaining how they utilise the IRIS AE Suite™ to comply with auto enrolment legislation, avoiding costly fines and recurring costs per payroll run.
Find out how you can save time with the IRIS AE Suite™ by booking a free demo with one of our product specialists.
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