To help alleviate the impending capacity crisis being created by compulsory pension auto-enrolment in the UK, a new online solution has been developed for employers by national IFA and employee benefits consultancy, LEBC Group.
‘æComply’ is an automatic enrolment tool that enables all employers, regardless of size, to manage their short and long-term compliance requirements and subsequently reduce the risk of thousands of employers incurring unnecessary non-compliance fines.
During 2014, over 33,000 employers with 3.5 million employees will have their staging dates for auto-enrolment, with around 25,000 employers in May and July alone. As auto-enrolment gathers pace, capacity within the pensions industry will inevitably come under severe pressure and that will include pension providers, payroll and software providers and specialist consultancy advice.
This online solution includes employee enrolments, contribution levels, opt outs, certification, payroll monitoring and communications. It will also help employers prepare for auto-enrolment, by assessing the financial implications for their businesses. And LEBC can, where required, provide enhanced scenario modelling, internal systems assessments and pension audits.
“‘æComply’ ensures employers address auto-enrolment in a professional, compliant manner and overcome this worrying capacity gap. However, for those employers who still need advice in 2014, it would actually be smart for them to secure their consultancy time for next year now as availability in 12 months time could prove to be an issue,” says LEBC’s Divisional Director Glynn Jones. “Also employers must be aware even after their staging date they will still have an ongoing responsibility to review their pension scheme on a regular basis.”