With pension reform for larger employers due to start on 1 October 2012, Ceridian UK, one of the UK's leading HR and payroll providers, is launching new solutions that will help companies with the biggest change for decades.
The Department for Work and Pensions has estimated that administration costs in the first year for all 8,000 employers with 250 or more staff will be about �77 million, with ongoing administration costs of �11 million a year. Ceridian has developed solutions that will not only help companies stay compliant, but also manage this cost in the most effective way with minimal risk.
This includes software that will automatically identify and enrol relevant employees into the chosen pension scheme and ease communication and administration while taking care of all the required activities necessary to keep companies compliant and ease pressure on the organisation's resource. In addition, the solutions can help companies explore salary sacrifice to gain National Insurance savings.
David Woodward, chief product and innovation officer, at Ceridian UK said:
“Our solutions are really going to help companies manage auto-enrolment in a cost-effective and risk-free way. Being a payroll provider, we are best placed to develop and provide these solutions as it is only the payroll that can determine when an employee should be automatically enrolled.
“The Auto-Enrolment and Administration module manages all aspects of the administration from sending automatic communication to employees to handling opt-out requests and refunds and managing the postponement periods. This will reduce the manual impact significantly and it can also manage the electronic exchange of data between our payroll solution and the pension provider.
Ceridian believes it is the most advanced in its thinking on how to support companies through this complex change. We are uniquely placed to offer the most cost-effective solutions to our customers.