I recently read a scary statistic from an auto-enrolment survey which said 1 in 10 SMEs plan to ignore auto-enrolment completely whilst 11% of small business owners are still unaware of what auto-enrolment even is. Please do not let this be you. If you have somehow managed to miss all the national TV and radio advertising, billboards or official letters from The Pensions Regulator telling you of your duties, or forgot about it, thinking you don’t need to do anything, you could be running the risk of leaving it too late and receiving some nasty penalties for breaking the law.
We urge you to act on any letter you receive from The Pensions Regulator informing you of your ‘Staging Date’ and what your responsibilities are as an employer and what you must do and when. You must think about this now if you haven’t already and allow yourself at least 6 months to get everything in place in time.
If you do not already have a pension scheme in place, you must first choose a pension scheme. Once you have a suitable scheme in place you must inform your payroll provider.
For our clients we will provide the following assistance:
* Assess all workers each time we process the payroll
* Auto-enrol them into the pension scheme if and when they are eligible
* Make the necessary deductions from the payroll
* Provide pension reports
* Provide the required payroll file to submit to the pension provider
* Provide correspondence letters for new joiners
We cannot stress enough how important it is for you to think about your workplace pension duties as an employer now. It’s the law!