Automatic Enrolment – why now is not a good time to bury your head!

The Governments’ Pension Reforms are already having a significant impact on larger firms as employers are, for the first time, having to automatically enrol eligible employees into Workplace Pension Schemes, pay contributions and collect employee contributions.  Between now and September 2017 ALL employers will be required to comply with the new regulations.

What action do you need to take?

– If you have not already done so establish your Staging Date (the date by which you will be expected to comply);
– Assess your workforce;
– Select a suitable Workplace Pension Scheme;
– Keep records of all aspects of the scheme;
– Monitor your workforce to ensure ongoing compliance with the Regulations.

Employers are being urged to take immediate action to establish what will be required of them and not to underestimate the scale of the work involved. Many may wish to seek advice or assistance in complying with the arrangements.

Alternatively it may be possible to work with an existing pension provider if you already have a scheme in place or to approach a Trust Based arrangement such as NEST, Now Pensions or The Peoples’ Pension.

Many Payroll Providers are introducing “bolt-ons” to their programmes that may assist in the administration and record keeping.

Pressure on all providers and advisers will intensify as the bulk of small employers reach their staging dates in the coming months and it will become increasingly difficult to get advice or assistance. We recommend that you start the process at least 1 year before your Staging Date to allow enough time to comply.

If you would like advice on anything raised in this article, please contact Neil Roberts at neil.roberts@wrightvigar.co.uk Or just give Neil a call on 0845 880 5678 – we would be delighted to help you!

Author Neil Roberts

Technical content correct at time of publishing.