Workplace Pensions and Auto Enrolment
Meeting workplace pension reform is one of the most challenging obligations faced by British businesses today. Information and sound planning are key to avoiding regulatory penalties.
All employers operating in the UK must automatically enrol eligible employees into a qualifying pension scheme. If as an employer, you are not playing your part, then you will face penalties imposed by the Pensions Regulator.
Your Auto Enrolment Checklist
The basic steps:
1. Find out when your Staging Date is. You will receive a letter from the Pensions Regulator confirming your staging date.
2. Analyse your Workforce. Every employer will have duties to perform but the duties will vary depending on the types of workers you employ.
3. Review your Pension Provision. If you already offer some form of pension provision you will need to make sure that your existing scheme meets a minimum standard.
4.Review your Payroll Arrangements. Whether you manage your payroll in-house of outsource to an accountant or payroll bureau, it is crucial that you understand the impact of auto enrolment on your processes
4. Communicate with your Employees. You should hold regular Governance meetings to manage communications to your employees and ensure that it all continues to
5. Post Staging. Once your scheme is established and registered, there will be ongoing tasks, such as monitoring employee ages and earnings, issuing communications and managing requests to opt in or opt out of the scheme.
Free Auto Enrolment Workshops
Thomas Carroll are holding free monthly auto enrolment workshops, taking place in Caerphilly, Swansea, Haverfordwest and Hereford offices. Click here to view our auto enrolment workshop dates.
How can we help you?
*Recommend and implement your workplace pension scheme
*Provide a fully compliant administration service accessible via the web
*Deliver ongoing governance, advice and education services
*Act as a secondary point of contact with the Pensions Regulator