We are proactively working with a local provider – Carey Pensions- to help simplify the auto-enrolment experience for our clients. We do this by taking care of the whole process for you and by providing you with a secure portal to access your scheme quickly and easily.
Why choose Burton Bandini for your auto enrolment and payroll?
Setting up an internal auto enrolment solution takes time and expertise, not least because you have the extra complexities of staff communications and accounting for salary levels on each payroll run that some older software can struggle with.
Handing your responsibilities over to a trusted third party like our experts at Burton Bandini, frees up your time to manage your everyday business operations while we take care of your auto enrolment duties.
The added benefit of using our service is that all the extra processing of pension communications that need to be sent to the right employees at the right times in their auto enrolment journey (by law) are managed for you.
What is the auto-enrolment pension?
Auto-enrolment is a major legislation change to the traditional workplace pension scheme. In the past, it was up to workers to decide whether they wanted to join their employer’s pension scheme. Now, under auto-enrolment, all employers must automatically enrol their eligible workers into a workplace pension scheme unless the worker chooses to opt out.
The benefit of auto-enrolment to the employee is that they build up retirement savings, contributed by them, their employer and the Government, until they are at least 55 years old.
Auto enrolment pension contributions
As an employer, you are responsible for automatically enrolling your employees aged over 22 or earning a minimum of £10,000 from a single job.
A minimum contribution of 5% by the employee and 3% from the employer currently applies to “qualifying earnings” of £6,136 up to a limit of £50,000 (in the tax year 2018-19).
As an employer, you are responsible for automatically enrolling your employees onto your workplace pension scheme (unless they opt out) and for letting them know how much of their earnings they need to contribute.
The Government is considering ways to get more people into auto-enrolment such as lowering the qualifying age to 18, starting contributions from the first £1 earned and introducing the self-employed into auto-enrolment. Changes like these will affect your business and it’s important that, as an employer, you stay abreast of changes in legislation to ensure you are managing your auto-enrolment pension process lawfully.
Our personal service means that we are always available to talk to and flexible to providing the exact accountancy services you need.