August

Have you seen the latest TPR non-compliance notices?

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Latest figures from The Pensions Regulator (TPR) have revealed that 217 automatic enrolment cases were investigated in the quarter to July 2014. 

5 official compliance notices were issued, taking the total number of formal notifications to 23. 

One particular case which has been highlighted involved an employer who believed they could defer their staging date from November 2013 to 2017.  This was not the case and the company was made to calculate and pay the back-dated contributions they had missed.

Charles Counsell, from the TPR states “To-date the vast majority of employers are complying with their new workplace pension duties without the regulator needing to use our enforcement powers.  We target our resources where they will maximise compliance and work with employers to help them comply with duties

The number of cases is expected to increase over coming months as more SMEs reach their staging date.  32,000 companies will have reached their staging date by the end of 2014 and a further 44,500 businesses are due to stage in 2015.

One of the key things recommended on the TPR website is to ensure you have the right software in place:

“You’ll need software in place that can handle the requirements of automatic enrolment.  This will usually be your pension provider.   Sometimes, pension providers may offer this service instead.    

Speak to your pension provider about what they can offer.  You may have to pay for any upgrades to your existing software.  If an upgrade isn’t available you’ll need to decide whether to get new software that’s been designed to handles automatic enrolment.”

Find out more

IRIS software has developed the IRIS AE Suite which works with all IRIS payrolls to fully handle your automatic enrolment needs.    IRIS have already assessed nearly 400,000 employees within over 1,400 businesses for automatic enrolment.

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This concern is something that IRIS shares and we are helping accountants and businesses every day understand sufficiently the existence or implications of workplace pensions. 
The campaign also raises concerns over the volume of businesses needing to deal with automatic enrolment. IRIS is well equipped with scalable automatic enrolment solutions but good quality and appropriate advice is likely to come at a premium as the volume of businesses staging increases. 
The ‘No-one gets left behind’ campaign highlights the eight things you need to know to be ready for auto enrolment including communications, data management skills, scheme selection and sheer manpower required
The campaign also raises concerns over the volume of businesses needing to deal with automatic enrolment. IRIS is well equipped with scalable automatic enrolment solutions but good quality and appropriate advice is likely to come at a premium as the volume of businesses staging increases. 
To find out how IRIS are helping businesses and accountants stage visit iris.co.uk/aeinsightIRIS are proud to be supporting the ‘No-one gets left behind’ campaign launched by Accounting Web. The campaign has been launched to alert as many accountants as possible to the obligations implied by automatic enrolment. 
Posted by
Julie Smith
28 August 2014
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