Small business automatic enrolment is here and Workplace pensions are changing. The government introduced a new law that requires all employers to enrol their workers into a workplace pension scheme.
When will this happen?
The timing depends on the size of your organisation. The Pension Regulator will notify all employers of their exact automatic enrolment date, known as their staging date. Most employers will be issued with a staging date at some point between the start of 2015 and April 2017.
There is plenty to do before your staging date and organising a scheme can take time, so don’t delay. Start talking to partners well in advance of your staging date so that your plans are all in order.
What do you need to do?
You must automatically enrol all eligible employees into a qualifying pension scheme. As part of the process you are obligated to communicate with employees on the process and inform them of what is happening. In the case that you employ non-eligible or entitled workers, you also have certain obligations relating to them.
Once your small business automatic enrolment scheme is set up and employees have been enrolled, you must make contributions to the scheme to a minimum agreed level. These minimum levels of contributions will change over the next few years.
So who will you turn to for help?
Accountant, payroll provider, Financial Adviser?
Who will be your designated contact with The Pension Regulator?
Which Pension scheme is best for you and your employees?
The Pension Review Service are Independent Financial Advisers. We offer a one-stop shop and can help with all aspects of your small business automatic enrolment obligations from dealing with The Pension Regulator, recommending a pension scheme and providing a payroll solution to managing your ongoing compliance commitments.
With our head office in the North East, we help companies across the country through our network of area managers. Wherever you are based and whatever stage of the small business automatic enrolment process you are at, we can help you to ensure you implement a compliant scheme and meet the rules of the regulator.
For an initial informal conversation about your requirements and current arrangements, simply fill out the below form and we will be in touch.