Research carried out on behalf of the Pensions Regulator has revealed that there is a lack of understanding of postponement amongst accountants and bookkeepers.
Of those surveyed 68% of accountants and 62% of bookkeepers incorrectly believed that postponement moves the staging date, delaying it by up to three months
28% believed that an employer did not have to do anything until the end of the postponement period, which is not the case.
When asked about the types of earnings that need to be considered only 46% of accountants and 43% of bookkeepers correctly identified the five types of earnings which need to be considered when determining an employee’s eligibility for auto enrolment. Statutory pay and commission were least likely to be known.
These findings are particularly worrying as the research also revealed that the vast majority of the accountants and bookkeeper surveyed had already been approached by clients regarding auto enrolment services, had supported, or planned to support, clients with auto enrolment and expected to undertake in the future nearly all the auto enrolment activities on behalf of their clients.
Giving the wrong advice to a client can result in them being fined for not complying with their workplace pension duties. It may also result in losing the client and perhaps even a professional negligence claim.
Most of those surveyed admitted that they had faced, or expect to face, challenges when responding to clients and offering auto enrolment services and around half felt only ‘partially’ able to answer clients’ queries.
Getting auto enrolment right the easy way
If you are an accountant or bookkeeper and are struggling with auto enrolment or simply don’t have the time to get to grips with it by working with us we can help you overcome these challenges in a painless way.
For your bureau clients we can provide a solution by providing you with a flexible, revenue sharing, white label software to manage payroll and auto enrolment under your own brand delivering unrivalled added value.
We can also give you the ability to offer your non-bureau clients a complete white label solution provided by our experts with no increased administration on your part and which can help you win new clients.
To find out more about how we can help you and your clients download our brochure, join us at our next webinar or call us on 01472 730 778.
Topics: Auto Enrolment, Accountants & Bookkeepers, Workplace pension