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Pension services

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Overview

The law for workplace pensions has changed and since 1st April 2012 this has been rolling out gradually to existing employers before the 30th September 2017 by virtue of a ‘Staging Date’, the date in which an employer must start their legal duties to comply with the new workplace pension rules.  The last possible staging date to be issued to this group of employers is 1st February 2018.  After the 1st October 2017, new employers will have an immediate duty from their first employee’s start date to comply, known as the ‘Duty Date’.

This means that any employer with one or more staff has duties to comply with that starts on their given staging date or duty date.  Including automatically enrolling those who are ‘eligible’ into a workplace pension scheme and contributing towards it.

It is called ‘automatic enrolment’ because it is automatic for staff – they don’t have to do anything to be enrolled into a pension scheme, but it is not automatic for employers!

For existing employers

If you are looking for a complete payroll and pension management solution, we certainly can help.  We will work with most major pension providers and as part or full management undertake the following tasks: –

  • Jobholder assessments
  • Data transfers & communications from pension provider*
  • Opt-out refunds
  • Opt-in requests
  • Contribution calculations
  • Staging date or duty date postponement
  • Jobholder postponement
  • Jobholder communications
  • Member data transfers to pension provider*
  • Contributions data transfers to pension provider*
  • 3 yearly re-enrolment processes
  • The Pension Regulators (TPR) – Declaration of Compliance
  • TPR – Communications

* Pre-approved list of Pension Providers we administer for full management: NEST Pensions, The Peoples Pension, AVIVA, Legal & General, Smart Pensions, NOW: Pensions, Royal London, Salvus, Scottish Widows, Super Trust and Welplan.  If your pension provider is not on the pre-approved list it doesn’t mean we cannot assist, please call us to find out if your pension provider is known to us and what areas of the scheme we can support (e.g. Aegon, Zurich, Friends Life, Standard Life, Blue Sky and many more).

For new employers

We understand that choosing a pension scheme, setting it up and running the pension scheme can be a daunting prospect.   Certain ongoing duties should be done in conjunction with payroll, which is why it makes perfect sense for payroll departments or outsourced payroll providers to manage the pension processes alongside payroll.

If you are a new employer or looking at hiring your first member of staff, it is best to be prepared as your duties will apply from your employee’s start date (as from the 1st October 2017).  At Biznus Payroll although we cannot provide financial advice on a pension scheme and in-depth due diligence on scheme suitability and durability.  We can help employers set up a qualifying scheme with 5 main workplace pension providers directly including NEST, The Peoples Pension, Smart Pensions, NOW Pensions and Super Trust, but it will be your responsibility as the employer to research and undertake due-diligence to which of these schemes are best suited for your business.

It’s important to understand as well that even if your employee does not meet the automatic enrolment criteria you will still have duties to complete and provide access to a qualifying pension scheme should they choose to opt-in.  Also, that should your ‘eligible’ employee express a wish before being automatically enrolled into a qualifying pension that they do not want to be a member of the pension scheme, they MUST become an ‘active member’ (enrolled) first BEFORE they can choose to opt-out.

If you want a little more support and hand holding in selecting a suitable workplace pension then we have contacts with 3rd party regulated independent financial advisors specialising in workplace pensions, most will provide a telephone consultation, due-diligence report with a selection of suitable pension schemes specific to your criteria from a comprehensive list of qualifying pension schemes on the market, just ask us for details or take a look at our Partners page for Financial Advisers.

If you would like to find out more about our payroll and pension services or request a quotation then give us a call on 01373 228300 or email info@biznuspayroll.co.uk.

Useful External Links:

https://www.gov.uk/workplace-pensions-employers

Useful Internal Links:

https://www.biznuspayroll.co.uk/category/pensions/

Payroll Service Company

Our expert payroll team will tailor our payroll service to suit your business needs. We will:
• Process PAYE Income Tax and National Insurance
• Provide your staff with payslips
• Deal with HMRC
• Process starters and leavers including P45s
• Produce P60 statements
• Work out sick pay and annual leave

Payroll advice bank

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Workplace pension services

Every employer needs to have a pension scheme in place. We can help you to choose and set up a suitable scheme. We will:
• Assess your workers
• Set up your pension scheme
• Calculate employee and employer contributions
• Carry out ongoing assessment of your workers
• Submit a Declaration of Compliance

Workplace pensions advice bank

Find out more