What does anyone know about this? If I was to offer Payroll (which I would like to do once I earn enough to pay for the software), how would this affect the job I will do?
This is going to be a tricky area. We think this will be more of an admin job as much as a payroll calculation as there's so much to decipher so far as the worker definitions. Eg, qualifying earnings, earnings trigger for auto-enrolment (£7475), earnings thresholds, the worker's age, and so it goes on.
The pension regulator's statement is
"The expectation is that payroll software will automate the checking for eligibility and alert employers when workers first attain eligible jobholder status. Systems will check eligibility for each period at the point when they are run and as contributions fall due immediately once eligibility confirmed, employers will need to pre-allocate a set of pension scheme rules to every worker.
You'll need a good payroll software supplier - clearly that's where the expectation lies. We've started work on it, but we're not sure many have. Add this to RTI and the payroll developers are a busy bunch right now!
None of mine will need to enrole employees before August 1914. I must say that this matter worried me somewhat and I asked a question on it here a while back. Some respected forum members wondered whether it would ever all happen, with the economy how it is. I imagine Govt may need to think seriously about freezing the minimum wage.
To my reading, the main thing is the employer must contribute 3% towards each employees plan. I don't know if you have seen this link :
Thanks for the links and info. TBH my target businesses are only small, so I think its something I won't need to worry about till at least 2014. And by the looks of it, its just making pension schemes compulsory and its just what alot of companies do already. I remember setting everything up when it became compulsory to offer a stakeholder pension, and that was so simple.
