It has been well documented that Auto-enrolment is legally binding and applies to all companies – even Director-only companies. Non-compliance can result in huge penalties or even criminal prosecutions, not to mention the reputational damage which could affect your business.
There have been a few cases in recent years where businesses have been caught out by the regulations and we are encouraging businesses to make sure they comply.
However, employers’ obligations can be time-consuming and complicated to implement, taking at least 6-9 months planning before the agreed staging date.
Ask yourself the following questions:
- Do you know your pension staging date?
- Do you have a pension provision in place already?
- Have you set an opt-out date?
- Do you want to enrol any employees before the staging date?
- Do you need help assessing your workforce?
- Do you want to use the existing scheme or set up a new scheme?
- Have you considered salary sacrifice?
- What is your pension reform strategy?
Having one provider for payroll and a separate one for pensions can cause delays. The benefits of using a payroll provider for both payroll and auto-enrolment can assist in a number of ways including:
- Selecting an appropriate pension scheme relevant to clients’ needs.
- Customised set-up of the pension scheme
- Assessment of employees’ eligibility against defined criteria
- Providing relevant communications at each stage of the employees’ enrolment journey
- Completing Declaration of Compliance in-line with legislation defined by the Pension Regulator
- The calculation and uploading of pension contributions into the scheme.
- Monitoring the opt-ins and opt-outs
- Re-enrolment every 3 years.
If you need help with implementing your pension scheme to comply with auto-enrolment regulations or have any questions surrounding pensions or payroll, speak to our team on 0116 276 2761 or email email@example.com.
Want to know more? Call us on 0116 276 2761 or email firstname.lastname@example.org