Sage 50 Payroll 2014 (the Auto Enrolment Edition,) released today, takes the pain out of auto enrolment by helping companies manage the process with ease and efficiency minimising the strain on resources.
Auto Enrolment requires all UK companies to automatically enrol all eligible employees into a qualifying pension scheme. Over a four year period which started in October 2012, companies must implement schemes which comply with certain clauses set by The Pensions Regulator.
It is essential that all UK companies are prepared for Auto Enrolment as failure to comply may be subject to statutory notices, penalties or escalating fines. The start date, called the staging date, for implementation varies according to the number of employees. Larger companies were required to implement this legislation by October 2012 with all other companies having to act by 2016.
Sam Mitchell from Xperience Group says "This legislation will affect all UK employers with these added responsibilities having a major impact on resources. Time will need to be spent on planning and administering the process. Investing in Sage 50 Payroll 2014 (The Auto Enrolment Edition) will minimise disruption to workflow by ensuring the process can be managed easily with minimum fuss saving time and money."
Sage 50 Payroll 2014 (The Auto Enrolment Edition) provides essential help for companies in complying with Auto Enrolment legislation.
Sage 50 Payroll 2014 (The Auto Enrolment Edition) includes a Pensions Centre which provides users with knowledge, tools and resources to help a company prepare for and implement Auto Enrolment. The Pensions Centre gives an Action Plan to track preparation, tools to set up Pensions with access to leading Pension Providers and a framework to calculate costs and try scenarios.
In addition, Sage 50 Payroll 2014 (The Auto Enrolment Edition) includes a Pensions Module, a paid for feature which automates the process of administering Auto Enrolment ensuring it can be managed with ease and maximum efficiency.