The real ramifications of pension reform are still yet to be felt amongst many UK businesses, but swiftly adopting the right payroll technology to deal with the changes in the meantime is essential, says Meridian Business Support.
The Altrincham-based recruitment agency has published a free white paper offering guidance on selecting software solutions that are equipped to handle the legal stipulations outlined in the Pensions Act.
Auto-enrolling employees onto a qualifying pension scheme is particularly complex for companies with temporary workers on the books; a situation Meridian itself has experienced first-hand.
Mark Mitchell, chief executive of Meridian, comments: “We recently underwent the process of auto-enrolling our own staff onto eligible pension scheme, as one of the first group of businesses included in the earliest staging dates. This process has given us a real insight into the complexities of handling the legislation, which appears to pay little attention to the logistics of dealing with a transitory workforce.
“We’re now in a fantastic position to share best-practice with our peers, and one of the most valuable lessons learned was that the right technology can remove many of the headaches associated with auto-enrolment,” Mark concludes.
Meridian held a summit on pension reform in February this year, during which a panel of employment, legal and financial experts hosted a pragmatic discussion into how to deal with the changes.
The findings of the panel are included in the technology white paper, which is free to download at www.Meridianbs.co.uk/pensions-reform and an ongoing discussion regarding pension reform can also be joined via a dedicated LinkedIn group.
