Default Pension Scheme

Page 3 www.david-allen.co.uk Employer Services We can remove the pension burden and save you money! The following costs are based on 6-10 employees who are paid monthly and they illustrate the cost of an employer running their own payroll and pension scheme. Setting up payroll and pensions YOURSELF Cost* Professional advice and assistance with choosing a pension provider and a pension scheme plus your own time (priceless) £600.00 one off Time spent setting up employer portal with pension provider and training £350.00 one off Extra admin time - set up pension on payroll £120.00 one off Your TOTAL for one o set up £1,070.00 Payroll software cost (Sage 50) and annual licence £300.00 per annum Auto enrolment module (Sage 50) plus training £540.00 per annum Admin time spent running payroll x 5 hours per month £600.00 per annum Extra admin time – continuously assessing and dealing with opt in/opt out’s providing appropriate communications and uploading monthly CSV file x 3 hours each payroll run £360.00 per annum Your TOTAL for monthly payroll and pensions £150.00 Doing nothing is not an option... The cost of not complying: Stage 1 – Warning Not complying or unpaid contributions Stage 2 – Wake-up call Fixed penalty £400.00 Stage 3 – Persistent offenders Daily penalties imposed based on employee numbers 5-49 employees £500 per day It is also possible to face imprisonment: The Pension Regulator has access to HM Revenue & Customs PAYE Real Time Information records, so they will know if employers are not complying. One off set up costs Monthly payroll and pensions costs } Contact us today to find out about the huge savings we can o er you!