The legislation brought in a few years ago in respect of workplace pensions has so far only affected large employers. However, it is now to apply to even the smallest employers who may only have a single employee. All employers are affected by this. The requirements are quite complex and rather bureaucratic and, in keeping with recent trends, failure or lateness in complying with the requirements will mean that the employer is likely to incur substantial penalties which will be levied by the Pensions Regulator.
Whether you need to operate a pension to comply with the new automatic enrolment legislation, or whether you want to offer a pension to your employees on a discretionary basis, PFN Payroll will be able to help.
With all levels of subscription we can include the necessary pension contributions on the payslip at no extra cost but for those employers wanting more support, we offer two services that will take much of the administrative burden away from you:
Payroll & Pension Service (£30pm for up to 2 employees):
With our managed service we take the headache of dealing with the Pensions Regulator and the pension provider away from you. We exclusively use NEST (the national provider set up by the government employee savings trust) as our pension provider. As part of the service we make all of the necessary declarations to NEST each month as well as handling the statutory communications with both the Pensions Regulator and your employees. Payments to NEST are taken by Direct Debit and we will instruct NEST to take payment automatically as part of the normal payroll run.
Premier Service (£60/mth for up to 2 employees):
The Premier Pensions Service is our flagship offering that takes all of the management of both the payroll and the pension out of your hands. As with our managed service above, we handle all the communications with NEST and the Pensions Regulator but we will additionally make all of the payments on your behalf. This will include the payments to the employee, the payments to HMRC in respect of the tax and NI as well as the pension contributions to NEST. Additional employees can be added at a cost of £12 per month, per employee.