Simplifying cyclical re-enrolment for bureaux and businesses
6th Feb 2020
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A platform such as KeyPay allows for auto-enrolment, simple live auto-assessment, enrolment and postponement features, letting you can sit back and relax, right? Not quite – there’s one last thing that you need to think about which is cyclical re-enrolment. This is one that catches a lot of bureaux out because unlike auto-enrolment it only happens every 3 years.
With everything else you have to think about when processing payrolls, it’s easy to miss cyclical re-enrolment. Luckily, with KeyPay, you only have to set your re-enrolment date once and KeyPay will help make managing cyclical re-enrolment a breeze.
Is cyclical re-enrolment just another pension hoop to jump through?
Not really, let’s take a look.
Cyclical re-enrolment is due every three years (time flies and it’s easy to miss) and means that any employee that had previously opted out of your pension scheme must now be assessed and if eligible enrolled into the scheme. If any employees have opted out within the last 12 months you have the option to include or exclude them from the assessment.
Within KeyPay the cyclical re-enrolment window is based on your original duties start/staging date and you can flex this to either 3 months before or after that date. But that’s not the end of it once completed you need to complete another ‘declaration of compliance’ with The Pensions Regulator.
So how does KeyPay help with cyclical re-enrolment?
Well I’m glad you asked, this is where KeyPay makes it easy.
Six months before your duties start/staging date we’ll send you a reminder which will then direct you to your pension settings where you can add the date of the re-enrollment. When you’ve entered the re-enrolment date all you have to do is tick a box to include employees opted out in the last 12 months and ta da all done! simple and pain-free. All that's left to do is run through the re-declaration compliance checklist from the Pensions Regulator that we will link you too and it’s all done in a few easy steps.
KeyPay will track the date so when you create a pay run that hits the re-enrolment date any opted-out employees will be re-assessed and yes you’ve guessed it, enrolled if eligible and enrolment letters applied.
KeyPay – making cyclical re-enrolment cool again.
Well thank you, we think so. So unless you want to have sticky notes or a plain old knot around your finger to remind you of that cyclical re-enrolment thingy, sign up to KeyPay for 30 days free, add your pension re-enrolment date and let KeyPay do the heavy lifting to keep your cyclical re-enrolment compliant.
KeyPay is the first true cloud-based platform to hit the UK bureau market, designed to eliminate the traditional payroll headaches of employee onboarding, data collection, payslip distribution, HMRC and pension fund compliance. In a single system, KeyPay automates the flow of data from employees across rotas, timesheets, leave management, and...