It’s time to talk about Auto Enrolment; over the next few years nearly one million businesses will need to enrol all their staff into a pension scheme and this includes temporary workers
At Back Office we are busy designing and planning our systems and processes within the payroll department so we can support our recruitment agency clients and this is clearly an advantage to agencies that outsource their payroll and back office functions
The challenge for all businesses is to gather knowledge, understand the duties and what changes you will need to make and based on our experience so far, here are our top tips:
- Visit the pension regulators website www.thepensionsregulator.gov.uk
- Know your staging date
- Seek professional advice
- Understand the new legislation in detail
- Start planning early 12-18 months is recommended. It is worth noting that pension providers resources may be strained so you need to be first in the queue!
- Plan on how you are going to communicate to your employees / temporary workers
- If you manage your payroll in house, will you need to invest in new systems? Plan your costs
- Plan how the process will work and keep records
- Review contracts of employment and contract for services
- Establish if/when you need to take legal advice
The Pension Regulator will be releasing a compliance guidance for recruitment agencies in due course.
*The content of this blog does not constitute as financial advice