Do you know your staging date for pension auto-enrolment?
You should have received notification of your Staging Date from The Pensions Regulator via a letter sent to your Company premises. If not, contact the official body for auto-enrolment, The Pensions Regulator, immediately as your staging date could be imminent.
Have you nominated a point of contact (internally) for communication with The Pensions Regulator?
You will need to nominate a senior manager as a primary contact point for the auto-enrolment process. This has to be someone who works in the business, it cannot be a third party e.g. a Company Accountant – such parties can only be nominated as a secondary contact.
Have you checked who you need to enrol?
You will need to review your workforce to check who is eligible for auto-enrolment. Eligibility will depend on the individual employee’s age and level of earnings. For further details, please contact us.
Have you created your action plan for the next 12 months?
It’s essential to put together a planned timescale for actions leading up to your staging date and for the months afterwards. Contact Business Clan for further information, including the legal notifications you need to send out to staff to comply with the regulations.
Have you worked out your costs?
Once you have established who is eligible for auto-enrolment, you can calculate the cost; there are minimum contribution levels set as part of the auto-enrolment legislation. These start at 1% and increase incrementally.
Have you checked that your payroll provider can accommodate auto-enrolment?
It’s important that your payroll provider/system can work with the auto-enrolment process, or you could find yourself faced with a high level of administrative work – on an ongoing basis. There are many software systems available to assist with auto-enrolment and it is well worth investing in one both to save yourself time, and to ensure compliance with legal requirements.
Have you chosen a pension scheme that complies with the auto-enrolment criteria?
If you already have a pension scheme in place, you will need to check that it complies with all the requirements of auto-enrolment, such as minimum contribution levels, the right to opt out etc. If you don’t already have a pension scheme, make sure you choose one that fully complies with auto-enrolment requirements.
Ask for help
If there are any areas you are unsure about, do ask for help. Business Clan can help with your planning and implementation phases to take that stress away from you. Call us now on 033 0133 0345
Claire Healy, HR Consultant