As we all know thanks to Theo Paphitis and his “we’re all in” advert, companies up and down the country are going through a massive and universal change; Auto Enrolment. Workplace pensions will be taking effect in every business gradually over the next few years, and as such each corporation has a staging date when their Auto Enrolment will take effect.
So how do you make sure you’re ready?
Find out your staging date
This is quick and easy using this staging date tool from the Pensions Regulator and entering your PAYE reference, to use this tool please click here This will show you when your company will be automatically enrolled and allows you to develop a plan to prepare for that date.
Nominate a contact
The Pensions Regulator keeps in regular contact with companies in the run up to their staging dates. Having one person who knows what is happening and when makes the process go much smoother, and helps the Auto Enrolment stay on track. To make things easier, you can nominate a contact online using the code you will receive from the Pensions Regulator 12 months before your staging date.
Plan your preparations
When considering your Auto Enrolment in the run up to your staging date you will need to include your HR officer, your accountant and your payroll processor as they will be integral to the running of your Auto Enrolment. It is also a good idea to go online periodically to fill in your relevant details about your company and your pension on Automatic Enrolment registration, so that it doesn’t seem like such a big job at the end and you avoid missing the registration deadline.
The planning of your preparations should include assessing your workforce, examining your procedures and software, reviewing your existing pension to make sure it meets the requirements or choosing a qualifying pension scheme with good results and conveying the upcoming changes to your employees.
For more information regarding workplace pensions and Auto Enrolment please fee free to call us on 03331 123456.