Don’t Panic About Auto-Enrolment
I know from talking with clients that they’re not thrilled about Auto-Enrolment. I’m afraid
though AE isn’t a dream and it won’t disappear if you shut your eyes and don’t look at it. But it
doesn’t have to be a nightmare.
As you’re probably well aware, all employers with at least one worker in the UK will need
to automatically enrol certain members of their workforce into a pension scheme. If you’re an
employer you’ll also have to make a contribution to this pension and ensure you correctly meet all
the new requirements. This applies even if you already offer a pension arrangement. You can’t afford
to sit back and be complacent until you’re absolutely sure you’ve ticked all the right boxes.
You need to make sure that if you have a scheme in place, you get a professional assessment
to ensure it’s compliant with all new requirements.
The new measures are being introduced in stages and you need to know the date the
new law applies to your company. Staging dates are being implemented for larger companies first
and will affect smaller companies gradually.
To check your own staging date
www.thepensionregulator.gov.uk/employers/tools/
staging-date you’ll need your company PAYE
Reference. With this information you can begin
to create your AE plan using the timeline shown
on the website. It makes sense to plan as early as
possible and as mentioned, may be worth your
while to consider setting up your pension scheme
ahead of your staging date – you won’t have to
make the full required contributions until that
date.
In addition to setting up a pension
scheme you do need to budget. I always
recommend to plan ahead for pay increases and
staffing changes for the next few years to enable
us to work out pension costs.
You might find the seven-point
plan below helpful:
■
Know your staging date and develop
a plan.
■ Assess your workforce.
■ Review your pension arrangements.
■
Communicate the changes to all
your employees.
■
Automatically enrol your eligible job
holders.
■
Register with The Pensions Regulator
add keep records.
■
Contribute to your employees’
pensions.
As discussed in another recent article, when it comes to the hoops all businesses have to jump
through to be compliant with ever-changing rules and regulations, professional support in different areas is
invaluable and in the long-term, far less wearing on the nerves!
Carol Webb
Owner and founder of Cashtrak Bookkeeping and Payroll
Services based in Stokenchurch
Certified Bookkeepers
30
Tel.01865 522785 Mob. 07941 529785
www.cashtrak.co.uk
| [email protected]
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