The law on pensions in the workplace have changed. Each employer in the UK with at least one member of staff now has new duties, including enrolling those who are eligible into a workplace pension scheme and contributing towards it.
This is called automatic enrolment.
It is called automatic enrolment because it is automatic for your staff – they don’t have to do anything to be enrolled into your pension scheme, but it is not automatic for you. You need to take steps to make sure your eligible staff are enrolled into a pension scheme. Even if you already pay contributions into a pension scheme for your staff, you still need to check if it is suitable for automatic enrolment.
Completing auto-enrolment on your own can take some time – the Pension Regulator states on their website that you should expect to start looking at your duties between 6-9 months from your staging date, you are expected to:
- Know your staging date
- Assess who is being enrolled in to the staff pension scheme (and continue to know the difference between eligible, non-eligible and entitled workers based on salary, age etc)
- Set up the pension scheme and integrate this with your payroll
If you do not have these things completed by your staging date you can be fined (the initial fine is £400!)
The good news is, we can help you navigate this completely, in an easy to understand manner and we can help do it quickly – meaning that you don’t need to take your eye off your day-to-day business.