Auto enrolment - a new revenue stream for bureaus
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Transcript of Auto enrolment - a new revenue stream for bureaus
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Auto Enrolment – A New Revenue Stream for Payroll Bureaus
Creative Auto Enrolment: Auto Enrolment Made Simple
By Paul Byrne
By Steve Johnstone
By Paul Byrne
Auto Enrolment – A New Revenue Stream for Payroll
Bureaus
By Steve Johnstone
Auto Enrolment Made Simple
Q&A SessionQuestions Tab or #BPWebinars
CompetitionTwo BrightPay 2015/16 bureau licences
On DemandThis session is being recordedREC
Q&A
WIN
Auto Enrolment – A New Revenue Stream for Payroll Bureaus
• 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
• Auto Enrolment Overview• Small Employers are unprepared
for Auto Enrolment• A New Revenue Stream for Bureaus• Auto Enrolment Software Solutions • BrightPay’s Key Take Aways
Agenda
Auto Enrolment• Government initiative – Save for later life
• Rolled out in stages: Oct 2012 – Oct 2018
• All employers required to offer a workplace pension scheme to eligible workers.
Auto Enrolment
• Aged between 22 and State Pension age
• Earn more that £10,000 per year• Work, or ordinarily work, in the UK
Eligible Jobholders
Non Eligible Jobholders
Entitled Workers
Auto Enrolment
Auto Enrolment Responsibilities
1. Set up a Pension Scheme2. Staging date – Assess the workforce3. Communications4. Declaration of Compliance5. Ongoing Duties
Auto Enrolment
Look to accountant, bookkeeper, or payroll bureau for advice and counsel
Look up clients staging dates on The Pensions
Regulator’s website
78%
Small Employers are Unprepared for Auto Enrolment
1,250,000Employers Yet to Stage
60,000Staged to date
29%78%
39%50%50% of those already enrolled turned to advisors very close to staging
3 out of 10 payroll administrators – clients will rely on them completely
39% – Clients would be able to deal with AE administration demands
8 in 10 – believe clients would wait last minute to seek advice
A New Revenue Stream for Bureaus
ChallengesRecent challenges for payroll bureaus:
• RTI• iXBRL• FRS 102
Auto Enrolment is the one new change that you can make a profit from.
Key Points1. Employers will need help from payroll bureaus2. Employers will come to you last minute for assistance3. Employers will be happier to consolidate all their
outsourced services to one person or advisor
Key Questions1. Are you prepared to offer Auto Enrolment services to
clients?2. Are you willing to lose clients if you do not offer Auto
Enrolment services?3. Will you make a profit from Auto Enrolment?
A New Revenue Stream• Potential - Gain new
clients• Increase fees with existing
clients• Short window of
opportunity to position themselves as open for business
A New Revenue Stream• Establish yourself as a
proactive rather than a reactive AE advisor
• Naturally increase profits• Necessary level of service
– initial set up fee plus a monthly retainer
Auto Enrolment Software Solutions
Software Solutions• Average 33 administrative tasks• Automate employer responsibilities• Combined payroll and auto enrolment solution• Greater efficiency, increased value, improved cost savings
Software SolutionsPayroll software that automates auto enrolment tasks is vital:
• Employee assessment• Personalised communications• Ongoing monitoring• Opt-outs & refunds• Mandatory reporting• Pension contribution deductions
Software Solutions• Does your payroll software provide Auto Enrolment
functionality & support?• BrightPay – an easy to use Auto Enrolment solution• Everything you need to provide a profitable AE service to
your clients
OFFWebinar50
* 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.
How BrightPay Handles Auto Enrolment
Key Take Aways
By Steve Johnstone
Auto Enrolment Made Simple
http://bit.ly/1H30vPA
http://bit.ly/1KAZfa4
http://bit.ly/1xJEJsG
Monday 7th December @ 10.00 am
https://www.brightpay.co.uk/events/1039/
CPD Accredited:Auto Enrolment Training for Payroll Bureaus
By Paul Byrne & Victoria Clarke
99.3%Customer
satisfaction rate
99.5%Describe interface
as user friendly
98.8%Would recommend
BrightPay
98.5% Satisfied with
Customer Support
Accredited by ICB - Read here
“The BrightPay user interface is superb and makes data capture
painless.”“The language used is easy to
understand and minimises the use of payroll jargon.“
Questions & Answers
For more information visit www.brightpay.co.uk or phone 0845
3004 304