If you are a business owner, you will be affected by the new Workplace Pension Legislation, Automatic Enrolment. The Pensions Regulator will notify you at least 12 months before your staging date, and will also send you a reminder 3 months before. We recommend you commence planning for Automatic Enrolment around 18 months before you are set to stage. This is because this is more than just simply setting up a pension scheme. It will impact on HR, Payroll, IT, Recruitment and every worker must be individually assessed – making the process very time consuming. If you miss your staging date and you haven’t applied postponement, your business and you could face fines and/or penalties.
Our team can set up, run and maintain Automatic Enrolment for your business. If your staging date is approaching, contact our team today.
What is Automatic Enrolment?
Automatic Enrolment requires all UK employers to enrol qualifying workers into a pension scheme, which both employee and employer contribute toward. Automatic Enrolment is currently being rolled out in stages across the UK.
What do I need to do?
The first thing you should do is find out your staging date. Once you know when this is, you can start planning to make sure you’re ready in time.
To find out your staging date, visit the Pensions Regulator website here: http://www.thepensionsregulator.gov.uk/employers/tools/staging-date.aspx
Start planning early
You’ll need to make some changes to allow for automatic enrolment, such as:
– Setting up a pension scheme or modifying an existing one.
– Making any necessary changes to payroll so it can handle the new requirements.
– Putting systems in place to monitor the ages and earnings of your staff.
You must automatically enroll all staff that are:
– Aged 22 or over
– Working in the UK
– Earning over £9,440 a year.
Our Automatic Enrolment Services.
If you are an employer, PK Group can help you understand, implement and run Automatic Enrolment. We help our clients get everything in place, offering a range of comprehensive and affordable services. PK Group services London & The South East, and can help businesses at any stage of the Automatic Enrolment process.
Chartered Financial Planner and Automatic Enrolment specialist Bernard Rust comments on the service;
‘Automatic Enrolment is proving to be a long and drawn out process for many employers. Our bespoke designed service can save our clients valuable time and help cut through the often complicated procedures and lets them get on with running their businesses.’
Bernard Rust breaks down our service in this video.
If your staging date approaching and you are looking for an Automatic Enrolment service designed to meet your specific needs and requirements, please contact PK Group today.