Getting to your staging date and beyond requires good guidance and organised resources. FMP can help.
We’ll calculate employee payroll and pensions data providing the user with the ability to override individual employer and employee contributions. It also enables you to keep an up to date log of the auto-enrolment activity to provide for The Pensions Regulator.
Pension scheme compliance
FMP Payroll Services’ partner Generation Financial Services provides consultancy to assist with the review and project planning to support you through your company’s preparation for auto-enrolment. They will conduct a full analysis of the pension market to select the most suitable schemes for your current workforce and ensure you meet your staging date and ongoing compliance.
View Andy Waller from Generation Financial talks about Auto Enrolment preparation.
On-going assessment of workforce – who’s in or out?
FMP Payroll Services will record upon staging date, entry date, opt-out periods, and is configured to produce an assessment of workforce report which checks all criteria that affect an employee’s liability in the pay cycle such as changes to age, income, ‘opt out’ preference and periods enrolled in a pensions scheme.
This report can be run at any point in the pay cycle and identifies ‘eligible jobholders’ which need to be auto-enrolled, as well as ‘entitled workers’ and ‘non-eligible job holders’. The subsequent administration can be carried out internally and this will remove the administrative burden and ensure compliance.
Reporting data to the Pension Provider
FMP Payroll Services works closely with all the leading pension providers and our payroll software’s additional, fully configurable ‘Output’ modules can report pension data directly to the pension provider and ‘middleware’ software if required.
Our Payrite software, for example, has a standard interface file with National Employment Savings Trust (NEST) for customers wishing to use NEST. Pension data is directly reported into the NEST system without any additional requirement.
Advanced planning is vital
Businesses should start planning 12 months ahead of their company’s staging date to make the necessary preparations for Pension Reform and comply with legal requirements for auto-enrolment. By choosing our Bureau or Fully Managed solution, FMP Payroll Services can administer your auto-enrolment as well as help plan to ensure your pensions schemes are both compliant and right for your workforce.
FMP recognises that every client is different and therefore our consultants are on hand to deliver bespoke solutions, including those for nominal journals.
FMP Global offer advice on the administration of your scheme. However, we are not regulated by the FCA and do not offer advice on which pension may be suitable for your employees.