auto enrolment - 5 steps to bureau success
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Auto Enrolment - Five Steps to Bureau Success
How to choose a quality scheme and not get lost trying to navigate the auto-enrolment jungle
By Paul Byrne
By Henry Cobbe
By Paul Byrne
Auto Enrolment - Five Steps to Bureau
Success
By Henry Cobbe
How to choose a quality scheme and not get lost trying to navigate the auto enrolment
jungle.
Q&A SessionQuestions Tab or #BPWebinars
CompetitionTwo BrightPay 2015/16 bureau licences
On DemandThis session is being recordedREC
Q&A
WIN
Auto Enrolment - Five Steps to Bureau Success
• Accountancy Practice for 20 Years• Payroll software development• Expanded into the UK – BrightPay &
Bright Contracts• 80,000 employers across the UK &
Ireland use our products
Paul Byrne
• UK Payroll Landscape• Small Employers & Auto Enrolment• Lack of understanding surrounding Auto
Enrolment• Auto Enrolment Penalties • Profit from Auto Enrolment• Are you Open for Business?
Agenda
UK Payroll Landscape
Entitled Workers
Non Eligible Jobholders
Eligible Jobholders
Auto Enrolment Overview
Eligible Jobholders • Aged between 22 and State Pension
age• Earn more that £10,000 per year• Work, or ordinarily work, in the UK
Auto Enrolment Overview
1. Set up a pension scheme
2. Assess employees
3. Communications
4. Ongoing duties
5. Declaration of Compliance
Auto Enrolment Responsibilities
Small Employers and Auto Enrolment
Small Employers and Auto Enrolment
60,861 employers completed declaration of compliance
1.8 million yet to reach their staging
date
Auto Enrolment Overview
Lack of Understanding Surrounding AE
Lack of Understanding• Large and medium employers: HR personnel to help
with auto enrolment
• Small and micro employers: lack of in-house expertise
• Majority of employers yet to stage will not have the knowledge or experience to make informed AE decisions
Lack of Understanding• Information overload - confused,
bewildered and overwhelmed
• Expected that 78% of these will turn to an accountant, bookkeeper, or payroll bureau for advice and counsel
• Gift wrapped business opportunity
Auto Enrolment Penalties
Auto Enrolment Penalties
• Further non compliance may result in court action.
• Responsibility for AE compliance rests with the employer.
• If employers don’t comply, enforcement action starts with statutory notices and is followed by penalty notices
Auto Enrolment Penalties
3,782
Total automatic enrolment cases closed to date
2,248
Compliance Notices Issued
582 Fixed Penalty Notices Issued
Are you open for business?
• Are you ready or prepared to take on auto enrolment business?
• What level of support / information will you offer?
• Are you prepared for employers coming to you last minute?
Auto Enrolment – A Chargeable Service
• Payroll bureaus must predict the evolutionary need of their clients
• Establish yourself as a proactive rather than a reactive AE advisor
• Necessary level of service for an initial set up fee plus a monthly retainer
Auto Enrolment – A Chargeable Service
• By offering a complete end to end solution, bureaus can generate income and enhance client relationships.
• If you offer other services, auto enrolment will provide a new platform to reach and upsell to.
• Employers will be happier to consolidate all their outsourced services to one person or advisor.
Auto Enrolment – A Chargeable Service
Value Proposition for your Clients
1.Time saving
2.Cost saving
3.Focus on core areas
4.Expertise
Profit from Auto Enrolment
Opportunity for Profit• Considerable opportunity– Gain new business– Retain client base– Increase profits
• Perfect platform to acquire new clients while building a long term, sustainable business.
1. Engage your clients
2. Avoid Penalties
3. Open for Business
4. Increase Revenue
5. Software Solutions
5 Steps to Bureau Success
1. Engage your clients
2. Avoid Penalties
3. Open for Business
4. Increase Revenue
5. Software Solutions
5 Steps to Bureau Success
• Engage with clients who have not yet staged• Find out clients’ staging date – http://bit.ly/1EuooiJ • Be proactive – let clients know that you are open for AE
business• Communicate AE service offering & pricing• Risk of losing some or all of your payroll clients
1. Engage with your Clients
1. Engage your clients
2. Avoid Penalties
3. Open for Business
4. Increase Revenue
5. Software Solutions
5 Steps to Bureau Success
• The Pensions Regulator continues to enforce fines and penalties for non-compliance
• Not allowing enough time to plan could lead to your clients being fined
2. Avoid Penalties
1. Engage your clients
2. Avoid Penalties
3. Open for Business
4. Increase Revenue
5. Software Solutions
5 Steps to Bureau Success
• Bureaus can position themselves as available for AE business
• Clients outsource to you because you have the know-how and it saves them time and money.
• Trusting you as a payroll professional to make sure they are fully AE compliant with the law.
3. Open for Business
1. Engage your clients
2. Avoid Penalties
3. Open for Business
4. Increase Revenue
5. Software Solutions
5 Steps to Bureau Success
• A number of advantages to offering AE as a Service. • By offering AE as a chargeable service, bureaus can:– Enhance client relationships– Add additional revenue streams– Provide added value to your existing clients – Bring new clients on board– Benefit from a competitive edge
4. Increase Revenue
1. Engage your clients
2. Avoid Penalties
3. Open for Business
4. Increase Revenue
5. Software Solutions
5 Steps to Bureau Success
5. Software Solutions• Ensure the software supports the requirements of AE and
will correctly perform tasks• Without appropriate systems in place, additional time and
resources will be required• Payroll software can automate employer admin tasks, e.g.
Assessing employees• The Pensions Regulator urges bureaus and employers to
check with their payroll provider
• Modern innovative solutions exist that can automate AE duties
• BrightPay – integrated payroll and auto enrolment solution
• Designed to take all the grunt work out of auto enrolment
• Allow you to streamline auto enrolment, saving time and money
Streamline Auto Enrolment
Streamline Auto Enrolment
Key Take Aways
1. Engage your clients
2. Avoid Penalties
3. Open for Business
4. Increase Revenue
5. Software Solutions
5 Steps to Bureau Success
1. Engage your clients
2. Avoid Penalties
3. Open for Business
4. Increase Revenue
5. Software Solutions
5 Steps to Bureau Success
1. Engage your clients
2. Avoid Penalties
3. Open for Business
4. Increase Revenue
5. Software Solutions
5 Steps to Bureau Success
1. Engage your clients
2. Avoid Penalties
3. Open for Business
4. Increase Revenue
5. Software Solutions
5 Steps to Bureau Success
1. Engage your clients
2. Avoid Penalties
3. Open for Business
4. Increase Revenue
5. Software Solutions
5 Steps to Bureau Success
1. Engage your Clients
2. Avoid Penalties
3. Open for Business
4. Increase Revenue
5. Software Solutions
5 Steps to Bureau Success
By Henry Cobbe
How to choose a quality scheme and not get lost trying to navigate the auto enrolment
jungle.
http://bit.ly/1H30vPA
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http://bit.ly/1xJEJsG
Tuesday 24th November @ 10.00 am
https://www.brightpay.co.uk/events/1038/
CPD Accredited:Auto Enrolment Training for Payroll Bureaus
By Paul Byrne & Victoria Clarke
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* Offer applies to new customers who switch to BrightPay from another payroll software provider for the first year subscription only. This offer applies to BrightPay 2015/16 bureau licence only and does not work in conjunction with any other offer.
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