Workplace Pensions Back
If you are business owner the likelihood is by now you would have heard about the new compulsory Auto Enrolment legislation. From 2012 to 2017 all businesses that employ one or more person will be required to put in place a qualifying auto enrolment scheme to automatically enrol eligible workers into a pension. Your deadline for this will depend on your staging date, which is based on the PAYE data of your business as of 1st April 2012. If you are not sure of your staging date, you can find it here by entering your businesses PAYE reference.
If your business is yet to stage, you should firstly consider whether this is a process you would like to complete by yourself or if you would like professional assistance. If this is something you wish to tackle alone, allow yourself at least 6 months to complete the process. This will give you time to learn about Auto Enrolment and allow you to make sure you complete all of your duties in a timely fashion.
Whilst on the face of it Auto Enrolment seems to be all about the pension, it is actually more to do with the requirement to automatically enrol eligible staff into a qualifying pension. So, whilst your staff may opt out, the mechanism to opt them in has to be there in the first place. Further to this, we always recommend you tread carefully when discussing ‘opting out’ with your staff as it is against legislation to persuade or offer any incentive to opt out of the pension.
If you are looking to seek professional advice from a company such as Pavey Group, you should allow 3 months to complete the process. This is all we need as we know the market and have a strong process in place to ensure requirements are met by your staging date.
Making sure your employees understand the changes is a very important part of the Auto Enrolment process. There are statutory notices that need to be provided as a minimum to your employees. However, if you were to employ the help of Pavey Group we would recommend that we visit and undertake a presentation for your employees - as this will usually open up questions that they may not have thought to ask. The advantage of this is that your staff are fully aware of the changes and have somewhere they can turn to discuss any concerns.
Why Choose Pavey Group?
Pavey Group have helped many businesses with their auto enrolment duties and we have a streamlined process in place to ensure you are compliant by your allocated staging date.
There is a lot to consider when researching Workplace Pensions; if you have never dealt with Auto Enrolment before, the process can be time consuming. We can research the market and implement a scheme based on your needs. We can also assist with communicating these changes to your employees and ensure they have the facts about Auto Enrolment.
Click here to download our helpful factsheet providing workplace pensions advice for employers.
To arrange a complimentary consultation, please contact our Pensions Team on 0800 038 9733.