Another, separate survey revealed that an increasing number of people are becoming disenchanted with the idea of having money in savings. This may reflect the lack of confidence felt by many people in the banking system in a fragile economy still recovering from the recent disastrous recession that has impacted on all areas of society on a global scale. These statistics have given extra weight to government plans to bring in compulsory occupational pension schemes from 2012.
For a company that has decided to use the payroll outsourcing solution, this can be a great relief. A payroll company will be able to quickly and easily put into place the system required to begin the process of directing a percentage of each employee's salary into a pension contribution fund.
At Dataplan Payroll services, we take the responsibility of working with the organisation known as The Pension Regulator which makes sure that employment based pension schemes are properly regulated. The Pension Regulator works with employers, specialists in the pension area and business advisers to ensure that employees' benefits are protected.
Outsourcing to a payroll company will also be of benefit to employers in that they have no need to concern themselves with checking to ensure their in-house wages departments are processing the new systems accurately. Especially as an expected rise in NI is about to be implemented.