Auto Enrolment costs highlighted at National Payroll Week Launch
Auto-enrolment is increasing costs for small businesses. This was a major finding from research undertaken by the Chartered Institute of Payroll Professionals (CIPP) into the effects of auto-enrolment. However, although increasing costs are affecting 69% of businesses, CIPP was quick to point out that this was inevitable. Many small businesses have either upgraded their software or turned to payroll agents to manage the new system for them and both approaches cost money.
The CIPP expects that, as a consequence of smaller businesses reaching their auto-enrolment staging dates, they will increasingly turn to agencies to ensure that they comply with their auto-enrolment duties. Primopayroll have recently announced their partnership with Smart Pensions, which will integrate the first fully automated AE payroll system with one of the major auto-enrolment pension providers in the country, fully automating those auto-enrolment compliance duties and therefore reducing the cost to small to medium businesses.