The HR and payroll representatives of many small businesses have recently heaved a sigh of relief at the deferral of legislation obliging them to sign their staff up to a pension scheme. The blanket legislation was previously due to come in to force in October 2012, in a push to ensure that a further 4million to 8million UK workers start accruing nest eggs by the time they reach retirement age. However, the Government has since decided to offer a further year of preparation time to smaller businesses that employ less than 40 staff, whilst plans will proceed as initially intended for medium to large businesses employing more than 40 workers.
Yet, as welcome as the postponement of this legislation is for the small businesses that fall in to the deferral bracket, the vast amount of additional HR payroll related administration that will accompany the introduction of the legislation has not simply disappeared. Furthermore, whilst small businesses have been allowed the luxury of a further 12 months of preparation by the time they are set to follow suit in 2013, medium and large businesses remain faced with October 2012 deadlines.
Regardless of the sizes of businesses and the sectors in which they operate, many are turning to professional payroll companies for both guidance and practical support ahead of their deadline dates. For small, medium and large businesses alike, the administration of pensions, plus correct and timely contributions by employees and employers alike, is often a complex task. Expert outsourced payroll services are proving invaluable to many medium and large businesses in preparation for the October 2012 changes.
At Moorepay, we are a leading payroll company offering tailor made outsourced payroll solutions to small, medium and large businesses. Whether deadlines for staff pension enrolments are in 2012 or 2013, we take a hands on approach to preparation for seamless readiness.