A streamlined occupational pension scheme can relieve HR and payroll departments of much of the burden of complying with the reforms.
KEY POINTS
- Auto-enrolment is a complex assignment that can expose employers to financial and reputational risk.
- Now: Pensions is an occupational pension scheme that has been designed to support employers of all sizes.
- Now: Pensions can also provide simple, low-cost life insurance for employees at competitive rates.
Auto-enrolment is a complex assignment which, if not managed effectively, can expose employers to financial and reputational risk and challenge the resources of payroll departments.
Now: Pensions is an occupational pension scheme that has been designed to support organisations of all sizes to ensure they are compliant with auto-enrolment legislation.
The modular system is designed to take the burden of responsibility away from HR and payroll departments, navigating employers safely through the auto-enrolment maze.
It can handle all the responsibilities faced by employers with the help of its administration system, which is underpinned by the clever use of technology, both in its processes and reporting. This allows easy online access for all employees, to help implement the options that are relevant to them.
Now: Pensions provides a comprehensive system for employers to categorise and communicate with their employees, which will screen for any auto-enrolment obligations they may have. The data interfaces used support all actions, such as opt-outs, leavers, and re-joiners, and Now: Pensions will issue all required letters on the employer’s behalf.
The systems use a simplified and streamlined version of the Compendia platform and the middleware solution is fully integrated with this platform, enabling easy integration with any HR and payroll platform, making the process as easy as possible for employers.
The reporting required by The Pensions Regulator (TPR) is an essential component of auto-enrolment, and Now: Pensions helps to process and manage all information in compliance with the data protection requirements set out to ensure organisations do not face any future risks. For example, employers are required to register with TPR within four months of their staging date in order to stay compliant; Now: Pensions will provide them with the required data extracts to support their compliance reporting.
Maintain records
The new pensions legislation also requires employers to maintain records of all employees for at least six years; Now: Pensions’ solution holds and maintains member records in compliance with TPR’s published data standards.
To complement its pensions system, Now: Pensions can also provide employers with simple, low-cost life insurance for all their employees at competitive rates. This is an important benefit, which enables employers to create an attractive benefits package for their employees and provides additional protection for families.
This life insurance is provided by Ellipse for which Now: Pensions acts as introducer on a commission-free basis.
Ultimately, Now: Pensions’ service proposition is based on simplicity and efficiency, which streamlines the auto-enrolment process for both employers and employees. Reducing the impact of administration and compliance allows employers more time to focus on other matters important to the smooth running of their business.
In a nutshell, Now: Pensions, the newly established independent, multi-employer trust that is supported by ATP, Denmark’s leading pension provider, is bringing a new approach to workplace pensions in the UK.
Morten Nilsson is chief executive officer at Now: Pensions
This whitepaper has been written by Now: Pensions