Auto Enrolment Specialists
We won’t make auto enrolment seem like a problem!
The goverment wants all employees to begin saving for their future and employers to make a contribution.
We are auto enrolment specialists and can guide you quickly and clearly through what you need to do.
To do this, they’ve set some minimum standards, including contribution amounts and timescales.
We know that all businesses with employees will have to enrol all eligble workers into a pension scheme by a certain date. the key message here is enrol.
Eligible employees don’t have a choice initially, as employers will enrol them into a scheme. Only after this has happened will an employee be able opt-out, if the wish to.
New reporting requirements
Have you ever heard of the Pensions Regulator? If not you soon will do! As an employer, you’ll need to inform the regulator of what you are doing, the pension scheme you have used, keep records of everone who opts out, plus re-enrol people who opt out in the future.
What should employers be considering?
these new rules have cross part political support. there is a financial need for the UK goverment to bring these rules into place, so the first point to make is that there is legislation in place and money has been spent on making sure it happens.
the goverment is effectively saying that all employees should join a workplace pension scheme by introducing automatic (pension) enrolment rules.
you need to know your staging date. the Department for Work and Pensions (DWP) will write to employers giving them 12 months notice of when this is. If your employer has less than 350 employees then ou can work out when you expect your date to be on your Staging Dates page.
Look to asses your workforce. Which workers, it is not just employees, will you have to pay into a pension for by law (eligible employees) and do you employ an people you don’t have to pay for? What will your policy be for those employees you don’t have to pay for? Will you exclude them or will you encourage them to join your pension scheme, so that all employees are provided with the same benefits?
the new rules are the minimums, but it is up to you to decide if you wish to be more generous. What are your competitors doing and do you know the amounts companies are alread paying?
Do you have any arrangements already in place? If so, can these be used to enrol employess who haven’t joined? Some pension providers are not keen to extend membership to more employees, so you will need to check that your scheme will allow you to enrol more people. Some companies have found that they have had to change pension provider because of this.
Decide on which pension provider to use. there are many ways they can help and amongst the most common way is by providing you with software to automate the joining process. you’ll need to decide whether you wish to use your payroll software or the pension provider’s software to keep your records. It is definitely worth shopping around to see what extra help you can get.
If you are thinking of changing provider then you’ll need to leave enough time to install a new pension scheme. this will take more than a few weeks, especially as you’ll need to communicate what you are doing to your employees.
Not all auto enrolment specialists offer face to face help!
We can help. Whether it is over the phone, talking by Skype or face to face. We are auto enrolment specialists and using us can save you time and money. That’s what we do, so please don’t hesitate to contact us, if you would like to know more.
136 Lightwood Road
Tel: 01298 214 191