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Here are 5 reasons you should compare auto enrolment plans today

1. Auto enrolment is coming, and it's the law - companies who don't act in time could be fined a fixed fee from £400 or a daily free from £50 all the way up to £10,000 a day. If you don't want to risk fines it's better to act now and make sure you're prepared.

2. It could save your business money. Some of the platforms we compare are completely free for employers so could save your company money if you were previosuly considering a paid for option.

3. There's a lot to learn if you want to pick the best provider. Take a look at the table below to see some of the basic differences between some of the best providers. Our comparison services figures out which is best for you based on your answers to just a few simple questions.

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Here's what you should look for in an auto-enrolment provider

As it's so new, the whole concept of auto-enrolment can feel pretty confusing at first. Knowing what to look for in a pension provider can be daunting too. We've spoken to users who've made use of our service to find out what they felt was important in making their choice, and they helped us put together the following tips:

Choose a service that will integrate easily with your payroll

A platform could offer a great range of funds at no cost to you or your employees, but if it can't integrate with your payroll system then it will be trouble from the start!

Find a platform that will take on the administration burden for you

Some providers provide a technology service only, but others provide a paltform and expert support who will take on the administrative burden for you - particularly important if you're in a busy HR environment.

Watch out for fixed fees & lock-in periods

Lock-in periods that stop you from leaving an auto-enrolment provider can prove troublesome if you have problems integrating or uncover something like fixed fees down the line that make the pensions offered unattractive to your employees.

Choose a provider who will do the job fast

With staging dates fast approaching, providers who will get you set up fast could save you money if the alternative is fines for missing your staging date.

Make sure your employees' money is going into a secure fund

All of the auto-enrolment platform providers available on today's market will invest your employee's pension contributions into different funds. Some funds involve higher risks than others, and some providers won't tell you which funds your employees contributions will go into. If the risk involved with the funds invested in is important to you be sure to find out where contributions will be placed.

Find a service that is good value to both your company and your employees

All services have different charges for companies and employees. Some have set-up costs and some have ongoing charges. They can be in the form of a fixed fee or a percentage, so be sure to get a clear illustration of how the costs will breakdown for both your company and your employees.

...or read on to find out the answers to all of your auto-enrolment questions...

Did you know that it’s possible to find an auto enrolment platform that is completely free for you as an employer, no matter what payroll solution you use, or how many employees you have?

All you need to do is answer 5 quick questions and we’ll use our market data to tell you who provides a completely free service for your company type.

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The platforms we compare aren't just good value, they're leaders in their sector 

To prove it, here are some of the places they've been asked to comment on the topic of auto enrolment.

What you'll get on this page

  • What to look for in an auto-enrolment platform provider
  • What service you should expect from your platform provider
  • 5 reasons to compare plans today
  • Penalties explained in 90 seconds
  • How your payroll solution can affect your platform choice
  • What will happen next when you use our comparison service

4. It will save you time. We've done the research on which platforms work with which payroll providers, and what kind of companies they work with, meaning you don't have to spend time figuring it out. All the companies we compare take the strain out of the set-up by doing the hard work for you, so you'll save time now and during the set-up process.

5. You could be compliant within minutes. The platform providers that we compare and can get you a quote from are all dedicated to this market. They can get you set-up and compliant within just minutes meaning you won't have to worry about penalties any more.

6. There's no obligation. We use the answers to your questions to make a recommendation, and you can choose whether to get a quote and be contacted by that company. Even if you do choose to be contacted there's no obligation to proceed.

Here's what service you should expect from an auto-enrolment platform provider

All of the platforms we compare offer an excellent level of service that takes the hard work out of getting compliant. But there's more to being compliant than just having a platform set-up. You should expect guidance throughout on what you need to do other than just providing a platform in order to get compliant and stay compliant. Here's what you should expect to receive in terms of added value:

Guidance on nominating a contact for the pension regulator

The first step in getting compliant is to nominate a contact and submit it to the pension regulator. You can also nominate a secondary contact, so have the chance to include both the most senior person in your organisation and the member of staff who will be more likely to handle correspondance. Your platform provider will be able to tell you exactly where you can do this.

Confirmation of your staging date & the timelines to get your company set-up in time

Although all registered UK companies will have received a letter giving them their staging date, many have lost this letter or may not have received it due to delivery problems. Your platform provider should be able to provide you with your staging date if you have misplaced your letter or calculate it for you if you do not know it. They should also provide you with confirmation that they will be able to get you set-up in advance of this date.

Advice on who to enrol & submission of your declaration of compliance

The next thing you should expect and ask for is clear guidelines on which of your employees need to be enrolled. Not all employees not to be enrolled, so you may choose not to enrol some if, for example, they earn less than £10,000 or who are not yet 22 years of age. 

A plan and a contact for payroll integration

Now for the technical part. Integrating your chosen platform with your payroll provider need not be painful if you make sure you choose the right provider, but regardless you should expect clear guides and a point of contact who can either walk you through the required steps or do them for you.

Guidelines on what you must do to stay compliant

Getting compliant is one thing, but staying compliant is another. A good platform provider will give you clear guidelines on how to stay compliant, advising you who must be enrolled, what contributions you and they must make unless they opt out, and more.

 

Penalties explained in just 90 seconds

Here's a great video produced by one of the platforms we compare, Smart Pension, that explains auto enrolment penalties in virtually no time at all. If you don't have sound then scroll down for a summary.

Summary:

  1. The Pensions Act 2008 set up Auto Enrolment and gave the Pensions Regulator the power to enforce fines for non-compliance
  2. Fines range from a flat £400, to £50 a day up to £10,000 a day and can even involve up to 2 years in prison
  3. The regulator has already set up their own online penalty payment service in anticipation of the number of fines that will be issued
  4. You can avoid fines by getting set up in time, staying compliant, and responding quickly to any requests for changes from the regulator

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How your payroll solution can affect your auto enrolment platform choice

Different platforms can integrate with certain payroll solutions more easily than others. If you're on a well known platform like Sage, Xero or HMRC Basic PAYE Tools then you should be safe with any of the big platforms but if you're on a lesser used platform it can be one of the most important factors in your choice. If you're on any of the below payroll solutions then the platforms we compare will definitely be able to provide you with a solution.

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Graham Everitt Ltd, registered company number 08786867 | 51 Clarkegrove Road, Sheffield, South Yorkshire, S10 2NH

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What will happen after you've used the GetFinancial comparison service

When you provide us with the details we need to give you a recommendation, the following will happen:

  1. You can choose to submit your email address in order to get a full quote & be contact by your recommended platform provider
  2. We will send you an email summarising why we've matched you to that platform
  3. You can browse the recommended platforms website or get in touch with them directly over the phone
  4. You will receive a no obligation quote from that platform so you can then choose whether to proceed with them as your partner

That's it! It's that simple. There's no commitment, but you will have the information you need to make an informed decision.

The whole concept of auto enrolment is still relatively new to UK businesses, but with staging dates for many small companies coming up in 2017 now's the time to find out what it's all about.

We've put this page together to help you understand all of the steps involved and the things you'll need to consider before you make the decision on which platform provider to use.

We've covered everything from what you should expect from a good platform provider to what penalties could be given to those who don't act in time.

Once you're up to speed all you need to do to find a free partner is answer the 5 questions on the form and let us do the hard work for you!

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What are auto enrolment pensions?

In 2012 the government introduced auto enrolment pension reforms. These reforms meant that it would soon be compusory for employers to automatically enrol employees who meet certain criteria to a workplace pension, contributing a defined percentage of an employees salary as well as topping it up with an employer contribution.

At the start the new pension duties only applied to the largest employers, but now it’s time for smaller businesses to get ready. If you own a business that employs one or more workers you’ll have to:

  • Set up a workplace pension scheme that meets the new rules
  • Automatically enrol workers who meet the age and earnings criteria, 
  • Make a minimum contribution for all eligible workers, 
  • Enrol other workers if they ask to join the scheme