Auto Enrolment - Workplace Pensions
The law on workplace pensions has changed – all UK businesses, who employ at least one member of staff, must now put a workplace pension scheme in place – and contribute towards it. The auto-enrolment process is highly complex.
Firms will need to implement a scheme by a particular date, called their “staging date” which is determined by their payroll size in 2012. To do this, you need to assess which employees will need to be enrolled in the scheme and this is based on employees’ ages, wages and opt in or opt out choices.
For many large employers across the UK, implementing Auto-enrolment was just the start and many firms who opted to take care of the ongoing requirements themselves, are now finding out just how onerous it is.
Auto-enrolment is not a one-off requirement and firms have many responsibilities to perform each and every month.
However, help is at hand by contacting me I can provide you with a solution to take care of the ongoing administrative burdens. These include:
Communicate with workers – Using auto-enrolment software can automatically create and distribute the communications required for each category of worker.
Management and recording of opt-outs and opt-ins using online processes.
Meeting ongoing record keeping, worker assessment and automatic enrolment requirements – automatic alerts ensure key tasks are never forgotten and a scheduling tool enables processes to be fully automated.
Auto Enrolment is not regulated by the Financial Conduct Authority