YOUR EMPLOYEE PENSION:ALL YOU NEED TO KNOW
With the effective six step procedure, you can be sure to have your employees enrolled into a good pension scheme in no time
What is auto-enrolment and what does it mean for your business?
According to the new Pensions Act 2008, every employer in the UK should put certain staff into pension scheme and start paying contributions towards it.
This has always been optional in the employer and employees part but as of 2008, it became a law in the UK that employers, however large or small the business they run is, must ensure that their workers are automatically enrolled into a pension scheme and regular contributions are made.
It is important to understand how it affects your business and what steps you need to take to comply with the law and avoid any penalties.
You can use this DUTIES CHECKER ON THE PENSIONS REGULATOR website to understand what you need to do and when is your staging date.
What is a staging date?
All your qualifying staff should be put into pension from the staging date.
The staging date refers to the exact date when your automatic enrolment duties as an employer become effective. The date is set by law and is non-negotiable.
These dates are important to note because they help you prepare for the new system. You can prepare by collecting the employees’ relevant information and providing data to be used in the automatic enrolment. You can also use this time to find out which non-governmental pension firms they are and what packages and special offers they have. This way, you ensure that your employers get the very best deals out there.
What you need to do by the staging date?
|Actions to Take||When|
|Contact the Pensions Regulator and nominate the contact in charge of your auto-enrolment process||As soon as possible|
|Choose a Pension Scheme||6 months before your staging date|
|Assess your staff and identify who needs to be enrolled||On or before your staging date|
|Inform your staff||6 weeks after your staging date|
|Complete your declaration of compliance||5 months after your staging date|
|Regular monitoring||Ongoing basis|
How Spiria can help?
Spiria will help you to fly through your auto-enrolment obligations seamlessly
We will check our clients staging date
We will act as your point of contact for all communications with the Pensions Regulator
We will interprete all communications received from the Pensions Regulator and advise on the actions to take
We will conduct assessment of all your staff and generate report who should enrolWe will work out your costs as an employer
We will check your payroll and enrolment processes
We will assess and enrol your staff
We will issue letters to all your staff about auto-enrolment
We will advise of all your ongoing duties
We will complete your declaration of compliance
We will monitor your staff and complete re-enrolment when necessary
Contact us and find out more