Our aim is to be able to manage Payroll & Pensions Administration tasks on our client’s behalf, typically as an addition to our payroll service, ensuring that once the relevant scheme has been advised on and implemented:
With the introduction of ‘auto enrolment’ to Payroll & Pensions Administration the workplace pension responsibilities for employers under the supervision of the Pensions Regulator from 1st October 2017, there are now even further compliance responsibilities on small and medium sized businesses (SMEs).
With the introduction of ‘auto enrolment’ and the workplace pension responsibilities for
employers under the supervision of the Pensions Regulator from 1st October 2017, there
are now even further compliance responsibilities on small and medium sized businesses
The advice around the selection of the most appropriate company pension scheme for an
SME is a regulated activity requiring a suitably FCA regulated Financial advisor, who will
also be able to educate both the employer and employee(s) as to their legal requirements as
well as on various practical issues.
What is less understood by employers at present once the scheme has been implemented,
is the sheer volume of both legal and administrative tasks required as part of the initial
scheme setup, the monthly update of the employer’s pension scheme with contribution
data from the payroll, ensuring that new employees are added or removed, AND that
contributions are paid on time.
This admin can be carried out by business owners themselves, however failure to do it all
accurately may result in a variety of penalties from the Pensions Regulator, or worse still,
correspondence directly to employees on the status of their employer’s pension scheme.
Therefore our aim is to be able to manage the administration tasks on our client’s behalf,
typically as an addition to our payroll service, ensuring that once the relevant scheme has
been advised on and implemented:
– That our clients complete the registration processes on time to comply
with their legal requirements
– That the admin in respect of setting up the company pension scheme
account is completed accurately
– That all ongoing payroll and related pension requirements are managed
efficiently each month, avoiding any penalties or other enforcement
action from the Pensions Regulator
Whether taking on your first employee or managing monthly payroll for multiple
staff, there is substantial administration involved in processing the payroll run,
outside of the contractual and employment law issues e.g.
– Obtaining the necessary starter information
– Issuing P45s to leavers
– Ensuring accuracy of tax codes
– Implementing salary changes, bonuses, pensions or commissions onto the
payroll each month
– Issuing P60’s to all employees at the end of the tax year
HMRC, as part of the ‘Real Time Information’ regulations, require the submission of
monthly payroll data via a Full Payment Submission (FPS) within specified deadlines
To ensure that your monthly staff payroll is operated to comply with all
requirements and produce the normal payslips and other reports, it is important to
use the most appropriate payroll software
The end of the tax year brings additional requirements including completion of the
end of year online submissions to HMRC
Avoid missing out on claiming the Employment allowance for your business
The payroll process is the best point to at which calculate and capture pension
contributions for company pension schemes e.g. Aviva, Friends Life, NEST or
Obtaining advice from your Pension advisor in respect of setting up and implementing a
compliant company pension scheme is only the start!
Company pension schemes require an online account, and involve significant
administrative effort in terms of the initial setup of the pension online account to
ensure all legal and compliance issues are successfully dealt.
When the pension scheme account is operational, there are further monthly tasks
When a new employee joins, there is a requirement to consider whether they should
be auto enrolled or enrolled on request, provide clear communication on options for
staying in the scheme or opting out, as well as ensuring that ‘opt outs’ are managed
We will ensure that an Administrator account is in place, separate from your own online
pensions account, to ensure that access to your account is maintained at all times.