We’ve all seen the TV adverts promoting the new Workplace Pensions but when it comes to implementing the scheme, do you know where to start? It might not be so difficult to calculate if you’ve 25 employees or less but with multi-nationals who employ hundreds and thousands of people, it’s a whole different ball game.
When we received a call for help in July (for an August go-live), Mobius quickly mobilised a specialist team. Working closely together, we set about establishing the business requirement and then developed a reporting system to determine who would be affected and what the company’s contribution would be in each pay period. We created a database and dashboard that allows the payroll and HR teams to monitor and maintain the scheme.
We had to consider factors like eligibility before calculating and producing a summary of pension contributions by both employer and employee, and breaking down the pension contributions by individual employee based upon their earnings. The system had to be a robust one that was easy for the payroll department to use going forward.
The next part of the project involved developing an internal ‘user’ application that amalgamates multiple forms of information, which in-turn populates pre-defined templates for entry/upload to companies external to the business.
Given the timescale from initial brief to delivery, collaborative working between Mobius and the client was essential from an early stage. But that it is what Mobius is all about – two teams working together seamlessly. The end result has been successful in providing the client with an easy to use process that can be relied upon to determine, report and manage employee pension contributions.
If you’re struggling with this new compulsory pension scheme and how best to incorporate it into your business, why not give us a call?