Many SME’s and charities are now choosing to outsource their payroll and pension schemes to an external provider.
Given the various regulations and complex administration involved it can make sense particularly with pension auto-enrolment and re-enrolment.
Every UK company is now required by law to enrol any eligible member of staff into a workplace pension. That might sound simple enough, but it actually means devoting time and payroll resources to stay on top of employer contributions each month, keep track of new data and conduct ongoing eligibility assessments.
Your workers are entitled to a workplace pension if they are –
- Aged between 22 and State Pension age
- Earn at least £10,000 per year
- Normally work in the UK
Payroll systems are becoming increasingly complex. Outsourcing payroll means less time spent on repetitive admin tasks and data entry, and more opportunity to focus on the bigger picture of your businesses core function.
With so much at stake in terms of regulatory fines and potential reputational damage, it certainly pays to get it right at the first time of asking.
So why not outsource your payroll and pension administration to Priority Business Services?