If your business employs between 500 and 50,000 people, forthcoming changes will require you to set up a pension auto-enrolment scheme.
Pension auto-enrolment for companies of this size must be done by 1 November 2013, with businesses which are smaller than this currently having until 1 November 2015 to comply. Employees will see a certain percentage of their salary go into a pension fund, with their employer and the government also contributing an amount to the total.
The introduction of pension auto-enrolment to pension schemes will significantly increase the workload of the payroll department at a business. This may require the recruitment of a new payroll officer to help with the increased duties the payroll team will be responsible for, or bringing in a temporary specialist for a short time to assist with the initial set up period.
If your business already runs a pension scheme, it may not be necessary to make any changes, with the scheme usually carrying on as normal. However, if the company does not already make a contribution to the pension of employees, this will have to be implemented once payroll auto-enrolment comes into operation.
Handling the demands of payroll auto-enrolment
Portfolio Payroll is the only agency recommended by the Chartered Institute of Payroll Professionals, and can assist recruitment for all forms of payroll position, from an accountant to a payroll manager. This means you can rely on the recruitment services of Portfolio Payroll if your business needs to expand the payroll department to cope with the upcoming pension auto-enrolment scheme.
If you run a smaller business which does not have to deal with auto-enrolment at this stage, it may still be worth considering bringing in a new employee. This helps to ensure that you will be fully prepared for the increased workload on the payroll department, and when the transition does arrive it is not damaging to the business. Also, if your business is expanding and may soon have over 500 employees, it may be advisable to bring in a payroll specialist who can deal with auto-enrolment once the company reaches this size.
Pension auto-enrolment recruitment from Portfolio Payroll
If your business will require additional staff as a result of payroll auto-enrolment, call Portfolio Payroll on 020 7247 9455. Alternatively, you can also email us on email@example.com.