Business Issues -> Compliance
Released: 28th August 2013
Publisher: Advanced Business Solutions
28 August 2013 – Leading software provider, Advanced Business Solutions (Advanced) is warning businesses, which are still not compliant with pension auto-enrolment that they will face steep fines if they fail to act soon. This follows The Pensions Regulator’s (TPR) recent warning to businesses unlikely to achieve compliance before the next wave of deadlines this autumn.
Auto-enrolment, a new law meaning every employer must automatically enrol into a workplace pension scheme, was introduced to reform workplace pension provision. The scheme was rolled out to the largest firms in October 2012 and will be shortly introduced to smaller firms. *Companies employing between 1,250 and 1,999 staff have until September 1 to be fully compliant, organisations employing between 800-1,249 have until October 1, and smaller enterprises employing between 500 and 799 staff have until November 1.
Advanced, which offers a comprehensive solution for businesses looking to manage their auto-enrolment pension provision, advises that achieving compliance is straightforward with the right software in place.
Simon Fowler, Managing Director, Advanced Business Solutions (Commercial Division) said: “The cost for those businesses which don’t get the auto-enrolment process right will be massive. Those employing more than 500 staff could be liable for fines of up to *£10,000 for every day of non-compliance, which is potentially £70,000 a week, or £310,000 a month. These eye-watering sums would soon mount up and no business, particularly in the current climate, can afford to risk such an expensive mistake. Businesses, which are not ready to go live must act quickly.”
Over the last twelve months, Advanced has seen an increasing demand for the OpenPeople payroll system, which includes a fully automated pension auto-enrolment element that allows employers to take charge of compliance simply and conveniently through their payroll department. The software also includes a full assessment of employees, postponement, refund calculations, standard NEST extracts, letter generation and document management options.
OpenPeople also creates a pension auto-enrolment mail merge schedule, which highlights specific letters that are required to be sent to employees to ensure routine compliance is achieved.
“My main message to employers is to allow plenty of time to prepare for their auto-enrolment go-live date. The biggest challenge for UK businesses will be next year, when SMEs are gradually opted in. With an estimated 4.8 million businesses in the UK, and 99% of those classified as SMEs, the scope for error will increase greatly,” concludes Fowler.
Businesses seeking guidance on the subject of auto-enrolment, including the next round of staging dates and potential costs should visit: www.advancedcomputersoftware.com/autoenrol/
Notes to editors
* Information taken from The Pensions Regulator www.thepensionsregulator.gov.uk/
About Advanced Business Solutions www.advancedcomputersoftware.com/abs
Advanced Business Solutions (Advanced) provides leading integrated business applications and services that enable public, private and third sector organisations to retain control, improve visibility and gain efficiencies whilst continually improving corporate performance.
Advanced prides itself on getting close to its customers by understanding their businesses and responding to their evolving needs.
Advanced’s software systems comprise core accounting/financial management, procurement, supply chain management, human resource and payroll systems, integrated with a range of collaborative, document management and business intelligence solutions to extend the value and effectiveness of the finance, human resource and payroll departments.
Management information systems for school and academies are also provided through Advanced’s subsidiary, Advanced Learning. Advanced also provides specialist vertical solutions for the not-for-profit and legal markets. All solutions can be delivered as a managed or bureau service.
Customers are from both the public and private sectors and include Companies House, Newcastle City Council, NHSScotland, Norfolk Constabulary, Edge Hill University, WH Smith, Royal Bank of Scotland, Aer Lingus, National Express Group, DFS and RSPB.
Advanced Business Solutions is a division of Advanced Computer Software Group plc, a leading supplier of software and IT services to the health, care and business services sectors.
Angela Mycock and Robert Downes
Advanced Computer Software Group
+44(0)1625 856 513
07887 415 232
Published by: electronicdawn Ltd.