Sage Payroll Auto-Enrolment V20 – Are you ready for Auto-Enrolment?

What is Auto-Enrolment?

Auto-enrolment is a scheme brought in by the government that will automatically enrol qualified employees into a work-based pension plan. Employees can choose to opt out from the scheme, but will lose the opportunity to obtain the valuable pension benefits for a further four years.

To know if you’re eligible for Auto-Enrolment, you should look at table below:

Qualifying Earnings

Age

< £5,668

£5,668 – £9,440

> £9,440

16-21

Entitled Worker

Non- eligible jobholder

Non- eligible jobholder

22- SPA

Entitled Worker

Non- eligible jobholder

Eligible Jobholder

SPA – 75

Entitled Worker

Non- eligible jobholder

Non- eligible jobholder

*SPA – Standard Pension Age

Within the Auto-Enrolment Scheme, both you and your employer will both put in a defined contribution of 1% each. This percentage will slowly increase to 3% for the employee and 2% for the employer after the staging period (starting date) for all companies has finished.

The Auto-Enrolment Scheme has already begun in larger companies, but the staging date (starting date) of the plan will depend on your company size.

If you feel like this Auto-Enrolment Scheme is going to put a strain on your business then Sage have a solution: Sage Payroll Auto-Enrolment

How can Sage Payroll Auto-Enrolment help your business?

Sage Payroll Auto-Enrolment software can transfer the necessary employee information from your Sage database into the required Auto-Enrolment fields to be electronically transfer to your choice of Pension Company.

Without Sage Payroll Auto-Enrolment, your wage department will be wasting valuable time each month on manually completing each employee’s Auto-enrolment forms. By using Sage Payroll Auto-Enrolment, you’re saving time and creating an easier process for your employees.

More information will be available later on.

If you wish to find out more about Auto-Enrolment and Sage Auto-Enrolment, Kinspeed are hosting an event on the 14th of November.

To attend, please sign-up here: https://kinspeed.com/events/sage-payroll-auto-enrolment