AUTO ENROLMENT

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Don't Panic About Auto Enrolment

I know from talking with clients that they're not thrilled about Auto-Enrolment. I'm afraid though AE isn't a dream and it won't disappear if you shut your eyes and don't look at it. But it doesn't have to be a nightmare.

As you're probably well aware, all employers with at least one worker in the UK will need to automatically enrol certain members of their workforce into a pension scheme.If you're an employer you'll also have to make a contribution to this pension and ensure you correctly meet all the new requirements. This applies even if you already offer a pension arrangement. You can't afford to sit back and be complacent until you're absolutely sure you've ticked all the right boxes.

You need to make sure that if you have a scheme in place, you get a professional assessment to ensure it's compliant with all new requirements.

The new measures are being introduced in stages and you need to know the date the new law applies to your company. Staging dates are being implemented for larger companies first and will affect smaller companies gradually.

To check your own staging date on www.thepensionregulator.gov.uk/employers/tools/staging-date you'll need your company PAYE Reference. With this information you can begin to create your AE plan using the timeline shown on the website. It makes sense to plan as early as possible and as mentioned, may be worth your while to consider setting up your pension scheme ahead of your staging date – you won't have to make the full required contributions until that date.

In addition to setting up a pension scheme you do need to budget. I always recommend to plan ahead for pay increases and staffing changes for the next few years to enable us to work out pension costs.

You might find the seven-point plan below helpful:

  • Know your staging date and develop a plan.
  • Assess your workforce.
  • Review your pension arrangements.
  • Communicate the changes to all your employees.
  • Automatically enrol your eligible job holders.
  • Register with The Pensions Regulator add keep records.
  • Contribute to your employees' pensions.


 

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