Addressing the Pension Reform changes
FMP have worked closely with The Pension Regulator (TPR) since the conception of Pension Reform to ensure that our payroll software fully supports Auto Enrolment and related pension reforms.
Go to our the Case Studies section to see why Generation Financial Services, a firm of independent financial advisers specialising in providing consultancy for Pensions Reform, feel Payrite offers the best solution for Pension Reform in the market.
To address the Pensions Reform changes Payrite has enhanced its Core module at no cost to our clients. This additional functionality will assist employers with their new obligation to automatically enrol eligible employees into a qualifying pension scheme and pay Pensions that are compliant with DWP. It is configurable so that it can set out and manage the administration of any Pension scheme and uses data driven functions to record upon staging date, entry date, opt out periods.
Payrite payroll software has the facility to hold and report upon all necessary Auto Enrolment information. Payrite will hold all defined Pensions Scheme data, including your salary sacrifice schemes. This functionality will allow employers to prepare for when Pension Reform applies to their staging date.
Live Payroll Calculations
Payrite has a live pay screen which enables users to instantly see the impact of the payroll instantly when you make payroll changes, including Pensions.
Payrite goes through all the criteria relating to eligibility to assess the workforce and produce a single report. The report suggests the appropriate actions the client needs to act upon. This report is extremely beneficial for a company with a flexible workforce as it can be run at any point of the pay cycle and will ensure full compliance for workers with irregular working patterns.
Post staging continual assessment is required and the assessment report provides organisations with the ability to make informed decisions – unlike other software which automate enrolment.
Look ahead periods can be defined which enables users to produce a second report to project the impact on the business moving forward.
Choosing the abridged reports provides the option to utilise Microsoft Office to send employee communications via letter or email, to instruct and inform employees of the legislation changes, chosen Pension schemes, postponement dates and ongoing changes.
Importing Administration Data
The report can also be used to directly import all Pension administration data, such as enrolment dates, status changes between categories, communications, without the need for manual keying.
Directly Importing Opt Outs
Payrite has the option to import opt outs supplied by the Pension providers using the import routine.
3rd party payments, such as Pension providers who want direct payments, will be automatically created in the single BACS file and payment instructions can be defined to send on the desired dates.
Reporting Pensions Data
Payrite holds all the key contribution and administration data for administering the Pensions. Payrite’s Pension Interface module provides clients with standard interface files for all the leading Pension providers including National Employment Savings Trust (NEST) for customers wishing to use NEST. This allows Pension administration data to be directly reported into the providers system without any additional requirement – no need for middleware. The provider will then carry out the instructions for enrolment.
Pension Providers output files currently include:
- Black rock
- Friends LIfe
- Legal & General
- Now: Pensions
- The People’s Pension
- Scottish Life – A division of Royal London
- Scottish Widows
- Standard Life
Auto Enrolment Payroll Software – If you would like to talk about anything further then please contact us.