auto enrolment: a new revenue stream for bureaus
TRANSCRIPT
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By Paul Byrne
Auto Enrolment: A New Revenue Stream for Bureaus
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Q&A SessionQuestions Tab or #BPWebinars
CompetitionTwo BrightPay bureau 2015/16 licences
Q&A
WIN
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Auto Enrolment: A New Revenue Stream for Bureaus
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Paul Byrne
• Accountancy Practice for 20 Years
• Set up own company
• BrightPay Background
• 65,000 employers – UK & Ireland
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Agenda
• 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
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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.
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• Aged between 22 and State Pension age
• Earn more that £10,000 per year• Work, or ordinarily work, in the UK
Eligible Jobholders
Auto Enrolment
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Eligible Jobholders
Non Eligible Jobholders
Entitled Workers
Auto Enrolment
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Auto Enrolment Responsibilities
1. Set up a Pension Scheme
2. Staging date – Assess the workforce
3. Communications
4. Declaration of Compliance
5. Ongoing Duties
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Auto Enrolment
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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%
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Small Employers are Unprepared for Auto Enrolment
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1,250,000Employers Yet to Stage
60,000Staged to date
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50%
29%
50% of those already enrolled turned to advisors very close to staging
3 out of 10 payroll administrators – clients will rely on them completely
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8 in 10 – believe clients would wait last minute to seek advice
78%
39% – Clients would be able to deal with AE administration demands
39%
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A New Revenue Stream for Bureaus
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Challenges
Recent challenges for payroll bureaus:
• RTI• iXBRL• FRS 102
Auto Enrolment is the one new change that you can make a profit from.
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Key Points
1. Employers will need help from payroll bureaus
2. Employers will come to you last minute for assistance
3. Employers will be happier to consolidate all their outsourced services to one person or advisor
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Key Questions
1. 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?
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A New Revenue Stream
• Potential - Gain new clients
• Increase fees with existing clients
• Short window of opportunity to position themselves as open for business
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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
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Auto Enrolment Software Solutions
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Software Solutions
• Average 33 administrative tasks
• Automate employer responsibilities
• Combined payroll and auto enrolment solution
• Greater efficiency, increased value, improved cost savings
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Software Solutions
Payroll software that automates auto enrolment tasks is vital:
• Employee assessment• Personalised communications• Ongoing monitoring• Opt-outs & refunds• Mandatory reporting• Pension contribution deductions
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Software Solutions
• Does your payroll software provide Auto Enrolment functionality & support?
• Change software at the start of the tax year to avoid the complications of mid-year change
• BrightPay – an easy to use Auto Enrolment solution
• Everything you need to provide a profitable AE service to your clients
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BrightPay Payroll Software
Unlimited Employers
Unlimited Employees
Free Support
60 Day Free Trial
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How BrightPay handles Auto Enrolment
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BrightPay’s Key Takeaways
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1.Be Ready
2.Payroll Software
3.Costs
4.Customer Support
5.Open for Business
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Useful links and resources
• ICB – BrightPay Accreditation Report
• The Pensions Regulator - www.thepensionsregulator.gov.uk/
• NEST – http://www.nestpensions.org.uk/
• Friends of Auto Enrolment – www.friendsofae.co.uk/
• Accounting web – www.accountingweb.co.uk/
• BrightPay free trial – www.brightpay.co.uk/try/
• Auto Enrolment for Dummies - http://bit.ly/1AhNPjW
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A preferred supplier of:
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Questions & Answers
For more information see: www.brightpay.co.uk
Or phone: 0845 3004 304