Auto enrolment pensions are also known as Workplace Pensions. All businesses now have a legal obligation to have a pension scheme to offer to their employees. It is a complicated procedure which involves deciding which pension provider to use; opening a pension scheme; ensuring that the pension information is included within the payroll software; discussing staff contributions; deciding employer contributions; and eventually, notifying the Pensions Regulator that you have complied.
The penalties for not having a pension scheme, and the penalties for non compliance of the Pensions Regulator’s rules are extremely harsh. However, the software we use and the procedures we follow will avoid any such penalties.