MAP Enrolment Solutions - Providing Accountants with an End to End client solution.
As a professional adviser, you’ll appreciate that implementing Auto Enrolment can be a significant challenge. We’ve identified 33 new responsibilities and duties employers will need to comply with. For example, assessing which employees are eligible, communicating with different groups of employees, managing the payroll, establishing thorough record keeping and much, much more.
Of course, not complying with the new regulations isn’t an option. Your clients could face significant daily fines (as much as £5,000 a day - more for companies with 500 plus employees).
Some of your clients may believe that the government pension scheme, NEST, will take care of the extra administration, but it won't, fortunately the providers on our panel have developed solutions that will. A solution that means your clients can stay focused on building their business – not running their pension scheme. A solution that works for you as well.
We offer a range of support services to Accountants to allow them to offer a complete Auto Enrolment solution to their clients. We essentially fill any gaps you may have in your existing Auto Enrolment proposition whether that is helping you to market and sell your proposition, implement compliant solutions to your clients or simply take a referral and leave you to get on with your business.
Contact us today to enquire about an agency with MAP Enrolment solutions.
Below is a summary of the Auto Enrolment procedures and their time burdens on your team
| Auto Enrolment Procedure | Time Burden (working days) |
|---|---|
| Know your staging date and auto enrolment process | Up to 10 days; one-off |
| Nominate a point of contact | Up to 8 hours; one-off |
| Develop a pension plan | Up to 20 days; one-off |
| Construct the designated communications | Up to 5 days; one-off |
| Liaise with payroll provider | Up to 6 days; one-off |
| Put in place adequate business processes | Up to 30* days; one-off |
| Choosing a pension scheme for auto enrolment funds | Up to 9 days; one-off |
| Set-up pension scheme / liaise with pension provider | Up to 3 days; one-off and monthly |
| Classify workers into categories | Up to 5 days; one-off and monthly |
| Auto enrol eligible employees | Up to 4 days; one-off and monthly |
| Process opt outs, opt ins and joining requests and process automatic re-enrolment after three years | Up to 6 days; one-off and monthly |
| Addressing staff queries about auto enrolment | Up to 3 days; one-off and monthly |
| Register with The Pensions Regulator | Up to 5 hours; one-off |
| Keeping audit able records | Up to 10 hours; monthly |
| Keeping up with new auto enrolment rules and procedures | Up to 8 hours; monthly |
| Total one-off time burden | Up to 103 man days |
| Total monthly recurring time burden | Up to 3.5 man days |
*This could be up to 40 man days for the very largest business.
Source: Creative Auto Enrolment data, Cebr analysis.
Contact us today to enquire about an agency with MAP Enrolment solutions.
All companies with 30 or less employees are now nearing their Staging Date for implementing a Workplace Pension Scheme. Do you know your staging date?
1 Dukes Road, Troon, KA10 6QR.
Tel 01292 317214
Email info@mapenrol.com
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