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Auto enrolment – what is it, and are you ready?

Feb 24

Auto enrolment – what is it? Workplace pension law is changing – If you employ people, you’ll soon have new duties to help them save for retirement.

This legislative change means every employer is obliged to automatically enrol workers into a workplace pension scheme if they are aged between 22 and state pension age, earning more than £9,440 a year, and working in the UK.

Are you ready?

Do you know your staging date? This is when you must register with the pensions regulator and provide information about how you have fulfilled your auto enrolment duties.

As well as your regular payroll and pension processes, there are additional things you will need to do to make sure your workers are enrolled and you remain compliant with the new legislation.

As an employer, you will be required to:

  • Assess the eligibility of your workforce
  • Review your current workplace pension arrangements
  • Communicate information to your employees
  • Facilitate opting out requests and refunds
  • Keep accurate and up-to-date records

 

Start now – The key to automatic enrolment success is preparation

The Pensions Regulator recommends that you start to prepare for auto enrolment around 18 months before your staging date.

The first things you should do to start your preparation are:

  • Find out your staging date to see how much time you have to prepare.
  • Familiarise yourself with the legislation and what you’ll need to do in the run up to your staging date.
  • Get ready to communicate with your workers.
  • Track and monitor your progress.
  • Make sure you’re fully trained on the new legislation and understand how to stay compliant.
  • Review your current software and admin processes. Are they manual? Will you be compliant? Will you have the time? 

 Let us help you 

If you’d like to have a chat about auto enrolment, give the Pinnacle Direct team a call on UK: 0843 453 0103 or ROI: 01 419 8990.

 

We’ll talk you through the software solutions available and how we can support you

 

 

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