Auto Enrolment and Workplace Pensions

automaticenrolmentYou are probably aware of the new legal requirements for every UK employer to automatically enrol those who meet certain criteria into a workplace pension. Until now it has only affected larger businesses, but now it’s time for SME’s.

Currently companies who only have Directors on the payroll are excluded from these new duties, however, if the company takes on a non-Director (i.e. “workers”) then they will need to abide by the regulations.

Staging Dates
The staging dates for Auto Enrolment and Workplace pensions for most of our clients are spread over the next 2 years. Those with a staging date within the next 12 months will have received or will shortly receive a letter from The Pensions Regulator confirming the staging date and requesting you to nominate a key contact.

Having conducted an extensive review of the auto enrolment / workplace pension process and set up requirements, we believe that businesses should start planning and setting up a scheme at least 12 months before the staging date.

Why? Because there is a considerable amount of up front work needed to set up the scheme. You will also need to assess and enrol all relevant members of staff and comply with the regulations through your payroll function. 46,300 business are set to stage in 2015, and more in 2016 and 2017 which will place a large burden on NEST and other providers, which is why acting as soon as possible is vital. If you fail to comply with your auto enrolment duties the fines and penalties will be severe, including fines of up to £10,000 per day.

Need to know your staging date? Find out here

A Simple Solution
We are pleased to announce that we have invested in specialist payroll software to allow us to operate and perform all auto enrolment activities from set up stage through to day-to-day processing on behalf of our clients.

The software makes Auto Enrolment automatic and therefore as simple as possible for your business. It will seamlessly integrate into your company and each member of your team will be given a separate log in to a portal through which every aspect of your Auto Enrolment and Workplace Pensions can be managed. This also creates a demonstrable audit trail, which is necessary for HMRC.

We can provide you with a quote for our Auto Enrolment and Workplace Pensions payroll services (if you are not already using our services).

Workshops
We also intend to hold a series of Auto Enrolment and Workplace Pensions workshops over the next few months, which will help you to be fully up to speed with your obligations. If you would like to receive details of these, please email: simon@bottingandco.co.uk

Get Ahead of the Curve
We cannot stress the importance of engaging on Auto Enrolment and Workplace Pensions at the earliest opportunity; this is a major operational change for all employers and will involve additional costs and administrative burdens for your business. We are here to take away some of this burden and help you to meet your legal requirements and avoid the pitfalls and traps that could prove very costly.

If you are a business based in Sussex and you would like a one-to-one meeting at our Littlehampton office to discuss your Auto Enrolment and Workplace Pensions requirements, or if you have any questions, please contact me today on 01903 713508 or email simon@bottingandco.co.uk.

Free guide 2A Free Guide
To download ‘The essential guide to automatic enrolment’ from The Pensions Regulator, click here

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