Important Payroll changes are coming into effect that all Employers need to be aware of.
What is Auto Enrolment?
Automatic Enrolment is part of the Workplace Pension Reform. Employers will need to automatically enrol certain members of your workforce into a pension scheme, and will then need to make a contribution towards it.
Why is Auto Enrolment Happening?
The Government has estimated that about 7 Million people are not saving enough for their retirement with the Government confirming that they may not be able to keep state pensions at their current level long term.
Automatic Enrolment is being introduced to tackle this problem with the Pensions Act 2008 introducing new legislation to encourage employees to save for their retirement. Employers are therefore being enforced by The Pension Regulator to provide improved access to a pension scheme in which eligible employees will be automatically enrolled.
As well as giving improved access to a pension scheme employers will also be enforced to make statutory contributions.
Customers are advised to check their “Auto Enrolment” date on The Pensions Regulator.
The New Sage 50 Payroll Auto Enrolment – Coming Soon !!!!!!!!
Sage, as always, is ahead of the game with regards to the new legislation and is shortly releasing the new “Sage 50 Payroll: Auto Enrolment Edition” and the new “Sage 50 Payroll Pension Module”. BlueMoon Solutions is currently training up with the Sage prior to the release of the new Payroll in order to provide guidance to its customers throughout this next big Payroll change.
The new Sage 50 Payroll is expected to be released within the next few weeks and we will be providing further news on our website in due course.