From October 2012, legal requirements will be introduced that will ultimately give UK employers the duty to automatically enrol eligible workers into a qualifying pension scheme and pay minimum employer contributions or provide a certain amount of benefits. This has been revealed in the results of a survey of 245 employers by law firm Eversheds. Indeed, other findings of the survey hint at a potentially crucial future role for online payroll services like those offered by Rapid Payroll.
The majority of the survey’s respondents revealed their confidence in being ready for automatic enrolment by the date from which the duty will apply to them. However, more than half of the respondents conceded that their company had not, at the time of responding to the survey, as yet prepared for the new worker protection provisions set to take effect from 1 July 2012.
Furthermore, over half of respondents estimated that the cost of adhering to the new legal requirements concerning automatic enrolment will cost their companies up to a further 10% of payroll, while 57% admitted that their company did not expect to recoup the additional costs of automatic enrolment from the employees themselves. However, reliable online payroll services, like those available from Rapid Payroll, could assist many small businesses in effectively adapting to the new legal requirements concerning automatic enrolment. You can learn more about why through reading more about these online payroll services on the Rapid Payroll website.