The law on workplace pensions has recently changed. Now every employer, which has at least one member of staff, is required to enrol eligible workers into a workplace pension scheme and start contributing towards it.
Where enrolment is an automatic process for eligible members of staff, it is not for business owners. This is something that you must take a responsibility for as an employer, and even if you already have a pension scheme in place, you must check that it qualifies for auto enrolment.
A recent survey found that almost 1 in 3 firms had completed the auto enrolment application at the very last minute or completely missed the deadline.
There is a belief that this application process will be immediate but, in actual fact, a business should ideally embark on the enrolment process six months prior to the date it must be in place - known as the staging date. If an employer does not meet the staging date, a business can become liable for employee contribution to each pension scheme as well as the employer contribution.
If you do not know your staging date you can find out from The Pension Regulator here.
Some employers have also put off the process as it is sometimes deemed as overly complicated and a bit daunting, or some just don’t know how to go about it. Our team is here to take the weight off your shoulders and help you embark on a smooth and stress-free auto enrolment plan for workplace pensions, as well as further support services for things like re-enrolment.
Our payroll Bureau holds a wealth of experience, working for over 20 years to support our clients through changing legislation and compliance, including auto enrolment.
We can help with a variety of services from advice on tax implications to the impact of auto enrolment on your business. Our team will work with you to ensure you fulfil your obligations, assisting you at every step of the process. From preparing letters to staff and completing the declaration, to providing the on-going assessments and reporting requirements of auto enrolment, as well as providing our standard payroll services where necessary.
Our team can set up and manage your procedures on an on-going basis, or we can work on a project basis – whichever works for you as a business.
Contact us now to find out more on 0845 270 1688 or email firstname.lastname@example.org