On a phased basis which started on 1 October 2012, employers will be required to automatically enrol employees into a pension scheme, starting with the largest employers first.
If you’ve not already had a letter, the Regulator will write to all concerned 12 months before the ‘staging date’ with details of what is required so in theory there should be enough time to arrange for new software and systems.
Alongside auto enrolment is Real Time Information in which employers report payroll figures in ‘real time’ from April 2013 to HMRC, rather than after the year end. RTI will come in first for most SME businesses but it is still worth considering what payroll and reporting systems you use to ensure data is captured and reported in the most efficient way for both RTI and auto enrolment purposes.
If you’d like to discuss your RTI and auto enrolment requirements and what the new systems mean for your business, please get in touch with Helen Sewell on 01527 558539 or email Helen on [email protected]
Curo Chartered Accountants