Control the costs of meeting your auto enrolment obligations
If your staging date is approaching, have you considered the total cost to your company in meeting your auto enrolment requirements?The first and most obvious cost to all employers will be the hard cost of minimum contributions that have to be made on behalf of each employee enrolled. What many employers do not realise is that there are a number of different ways in which the minimum contributions can be calculated and the method (or combination or methods) used can have a wide impact on the ultimate cost of contributing.
The hidden cost to most employers in preparing for their auto enrolment duties is the time cost of internal administration. Our experience has shown that this time cost tends to fall within the finance and HR operations of businesses.The key to controlling costs in this area is to ensure that payroll systems are well aligned with the scheme provider and if this is well managed prior to staging date, large time cost savings will be made at outset and in the future.
Taylor Patterson top five tips for keeping down the costs of auto enrolment:1. Project planning 2. Payroll assessment 3. Cost analysis (financial impact) 4. Employer / employee support 5. Scheme establishment strategy
How can Taylor Patterson help in controlling the costs of your auto enrolment obligations?The Taylor Patterson Auto Enrolment NEST service, delivered by our dedicated Employee Benefits division is designed to provide employers with a simple and low cost solution to meeting their auto enrolment obligations.
The service begins with analysis outlining the financial impact of auto enrolment on the business and guidance is given on scheme establishment options including contribution levels, salary definition, postponement and payroll systems compatibility. The service goes on to establish a qualifying workplace pension scheme and a bespoke project plan is formed to ensure statutory actions at key dates are undertaken.We also understand that both employers and employees will have many questions both prior to and beyond their staging date and the service provides telephone and email helplines to ensure queries can be answered in a timely manner by our dedicated workplace pension team.
The service itself does not include any hidden costs and at a fixed fee of £950 + VAT aims to keep compliance costs to a minimum for employers. By using the Taylor Patterson service, it ensures that all of your regulatory requirement duties in relation to providing a qualifying workplace pension scheme are met, with a simple, low cost solution.