The 6 Biggest Auto Enrolment Headaches for Accountants
(and how to overcome them)!
Auto enrolment will be the single biggest challenge to accountants over the next 4 years. It is not simply about bolting on an extra layer of payroll software to your existing services. Payroll is just one piece of the auto enrolment jigsaw.
Here at Tailored Auto Enrolment we work with accountants to highlight the many aspects of auto enrolment that payroll systems don’t cater for. If you want to see the full list of responsibilities you will be taking on click here to read our Easy Auto Enrolment Schedule (click here for Guide). However what has become increasingly clear over the last 6 months is that there are a number of issues accountants are not aware of. We have highlighted some of the key areas where our Easy Auto Enrolment service will help you out.
1. The Dry Run
Nobody would want to test run a system on the day it goes live but that is exactly what happens with most payroll packages. You need everything to run smoothly at the first time of asking and every single piece of information including email addresses will need to be correct. There is no room for error. A dry run enables you to correct any mistakes such as incorrect National Insurance numbers.
The Solution – Easy Auto Enrolment allows us to upload all of your clients data well in advance of the staging date and test run all of the data.
2. The Ability to Pre Book
You may have 200 companies on your books. The process of project managing all of them over a relatively short period of time will become a potential nightmare if you don’t have robust systems in place.
The Solution - Easy Auto Enrolment allows you to pre book the slots for your payroll clients years in advance so that we can provide a detailed timetable of what needs to be done when.
Most accountants we have spoken to are very uncomfortable about being held responsible for sending out all of the communications to employees as they will need the right letter sent to the right person at the right address at the right time. Any opting in and opting out notices will need to be recorded and responded to within legally bound time frames.
The Solution – Easy Auto Enrolment allows any employees communications to be sent by email and collates any letters where email addresses are not delivered or not provided into one easy PDF that can be printed and posted.
4. Setting up the Pension
Not only will most clients be expecting you to run the workforce assessment every pay run and send out communications, they will also be expecting you to recommend and set up the pension scheme for them. They will also be expecting you to calculate the amount that needs to be paid to the pension provider whilst making sure it gets there on time.
The Solution – As part of the Easy Auto Enrolment package we provide the setting up of any pension as part of the overall cost. We also make sure all systems are aligned to receive communications and payments.
5. Investment advice
What happens when an employee asks a question about their fund selection or whether they should put more into their pension. Only a regulated Financial Adviser with Diploma Level 4 is able by law to give this advice. Although you don’t need to be regulated to recommend a provider you will almost certainly be asked about investment decisions and options.
The Solution – Easy Auto Enrolment have qualified advisers on hand to provide guidance and where necessary advice for employees. We offer seminar support as part of the Easy Auto Enrolment Plus package where employers want their staff to be informed of what is happening, why it is happening and the impact on them.
6. The Pensions Regulator
When the Pensions Regulator phones you out of the blue will you have the qualified staff to answer the call. The regulator will be expecting notification of all schemes you have enroled. Click here to see what the regulator can do when you miss a Staging Date (click here)
The Solution – Easy Auto Enrolment allows us to send the Declaration of Compliance on your behalf. Our top servicing package also allows us to audit your systems.
Call us on 0333 006 3103
"..to discuss how we are working with accountants all over the country to deliver a streamlined Auto Enrolment solution."