KeyPay: Removing the pain from pension processes
Industry insightsView more
Pensions are a major pain point for payroll managers and bureaux when processing pay runs.
Traditional payroll systems tend to leave the payroll manager or bureaux doing a lot of manual processes when reporting pension payments, updating pension scheme details and notifying employees. In turn, this can lead to errors, and a lot of time wasted. The last thing payroll managers want is an incorrect pension deduction on a payslip, or God forbid, to miss their Friday night drinks because they’re processing pension payments.
And then there’s pension scheme auto-enrolment. Assessing employees can be complex and time consuming to get right and most payroll systems do the auto-enrolment assessment after the pay run is complete, adding another manual step to the payroll process, which in turn adds time and potential for more errors.
Sounds like a whole load of hassle, right? With KeyPay, it doesn’t need to be! Here’s how we’re using clever automation to make pension scheme auto-enrolment and reporting easy:
Pension scheme integration
Imagine a world where you can automate the pension reporting process and eliminate the need for manually exporting pension information using spreadsheets or csv reports. Well, now you can live the dream with KeyPay!
To simplify the process of reporting and paying pensions, KeyPay integrates with UK pension schemes via pensionsync, removing the hassle of duplicating efforts. Whether bureaux and employers are setting up a new pension scheme or connecting to an existing pension, it’s easy to get started.
Pensionsync is available for use with the following pension schemes:
- The People's Pension
- Legal and General
- NOW: Pensions
- Smart Pension
Using pensionsync streamlines your pension reporting and helps ensure pension reporting compliance.
In most payroll systems, auto-assessment of an employee’s auto-enrolment status is done after the pay run has been finalised, meaning payroll managers still have to go back and manually change pension figures after processing the employee’s eligibility status.
KeyPay does auto-assessment in real time, in the pay run, meaning you don’t have to come back and do the calculations after. Yes - you heard right! If KeyPay determines the employee is eligible at the time of the pay run, we automatically do the calculations as the pay run is being processed, so the payroll manager knows the exact figures as they're processing the pay - not after the fact. By automating that extra manual step, hours - and a whole lot of frustration - can be removed from the pay run process.
What’s more, employees can also opt in/out of the pension scheme, with KeyPay automatically capturing and storing the information in the dashboard. We’ll also continue to re-assess employees each pay run, to ensure you’re always compliant.
Keeping on top of employee communication compliance such as auto-enrolment notifications can put payroll managers under a lot of pressure. With KeyPay, they don’t have to remember to send - or even physically send - notifications to employees. Once a pay run is finalised, employees will be assessed and notified via email of their pension eligibility status automatically - giving bureaux peace of mind. Auto-enrolment notifications will be sent for eligible job holders, non-eligible job holders and entitled workers.
So there we have it - finally, a payroll platform that seamlessly integrates with pension schemes, automates the pension process, streamlines auto-assessment (in real time as well - not after the pay run has been finalised) and ensures you’re compliant with employee notifications.
Pensions is just one process of many that we’re making easier for businesses and payroll bureaux. If you’re keen to find out how else we can change the way you work and pay, get in touch, or sign up for a free trial.
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