New Service Reduces Pension Admin Headache

Accountancy and business advice practice Price Bailey has introduced a new service for small businesses which reduces much of the complexity around installing an auto enrolment pension scheme.

The Price Bailey ‘Directed Journey’ service is being offered to smaller corporate and business clients and is designed to provide an ‘off the shelf’ solution to enable employers to comply with government legislation.

Under the pension auto enrolment legislation UK employers have to automatically enrol their staff into a workplace pension, and make contributions. The legislation came into force for large employers in 2012, with small and medium sized employers (SMEs) due to follow by 2017 at the latest.

“Many employers, particularly in smaller companies, do not have the resources to interpret the legislation and subsequently implement an auto enrolment scheme, and therefore risk heavy fines,” said Karen Wyndham-Webb, Employee Benefits and Technical Pensions Director, Price Bailey. “The objective of this new service is to simplify the process as much as possible by providing an ‘off the shelf’ implementation to ensure they comply with the auto enrolment legislation.”

The Price Bailey ‘Directed Journey’ solution comprises an ‘Implementation’ phase and an optional ‘Run and Comply’ phase. For the first phase Price Bailey will implement a qualifying auto enrolment workplace pension, assist the first two payroll assessments, communications and contribution uploads, help to complete the Pensions Regulator ‘Declaration of Compliance’ and provide an advisory service throughout the process and for the first two months of the scheme. Price Bailey has secured a unique agreement with Royal London who will run the pension without clients having to pay their normal £75 monthly administration fee for premiums below a certain amount.

The optional ‘Run and Comply’ service follows the first phase and provides an ongoing review, advisory and training service. The aim of this phase is to ensure ongoing compliance but also to help automate and streamline the process to minimise the administrative burden. This phase includes a systems technical review to ensure all processes are being adhered to both for communications and contributions purposes and issue instructions for amendments if necessary, ensuring payroll processes, joiner dates, and amounts of deductions and contributions are correct, additional training for new and existing staff to ensure ongoing compliance and provide an employer helpline.

For further information on how Price Bailey can help please call Karen Wyndham-Webb on 01223 507614 or e mail [email protected]