The Pensions Solutions Portal was described as a “one-stop shop for auto-enrolment to enable bookkeepers to help smaller businesses, their clients, comply”.
The new portal is accessible through institute’s website and aims to streamline the process for users by handling the “entire auto-enrolment process from start to finish”.
This includes assisting members to set up the pension schemes, not only for employees within their own businesses, but also for their clients.
This year 600,000 small businesses will need to stage and comply with auto-enrolment.
LEBC said the portal enables members to implement compliance software and ensure both the system and the schemes remain fit for purpose to meet the regulatory standard required.
One of the aims is to help users cut through the bureaucracy by directing them to all the relevant paperwork such as Statutory Certificates, annual governance reports and the Declaration of Compliance and it also maintains a complete set of records to provide an audit trail.
LEBC’s Divisional Director Glynn Jones said: “In September 2014, we received accreditation from the ICB for our online auto-enrolment solution, aeComply, which has been very well received in the market. We were naturally delighted to be asked to help with the development of the Institute’s own portal which will be valuable for the huge number of smaller businesses having to stage in 2016.”
LEBC said the new portal will:
· Provide a ready-made pension scheme that meets all the quality criteria required by legislation including a charging basis below the cap set by legislation. There are no minimum numbers of employees or contribution levels required - all are welcome.
· Require a simple and straightforward client set-up with pre-selected choices to streamline the decision making process.
· Provides all calculation processes
· Payroll agnostic – can work with all payrolls.
· Issues all regulatory communications either directly to members by e-mail, or, through letters in a pdf format.
· Maintain a complete set of records, providing an audit trail for your client.
· Produce Statutory Certificates.
· Issue annual governance reports to satisfy the regulators Code of Practice.
· Assist with the Declaration of Compliance.