Are you ready for Automatic Enrolment?
From October 2012, it became law for every employer in the UK to automatically enrol their workers into a workplace pension scheme and contribute to it on their behalf.
Starting with the largest companies, the new regulations are gradually being rolled out to all business in the UK, requiring employers to offer a work place pension and act in compliance with The Pensions Regulator.
By 2018, all employers will have to automatically enrol their eligible workers into a workplace pension scheme, unless the worker opts out.
Auto Enrolment and pension reform can seem daunting at first – but we’re here to help take away the hassle and stress, ensuring that you are fully compliant at all times.
If you employ at least one person, under the new regulations, you will be responsible for helping them to save for their retirement.
Under the new regulations, any employees who meet the following criteria, must legally be enrolled into a work place pension:
- Aged between 22 and State Pension Age
- Earn more than £10,000 per year
- Work in the UK
- Are not already a member of a qualifying pension scheme
To count as a qualifying pension scheme, the existing pension must meet the following criteria:
- Minimum contributions must be made or it must provide a minimum rate at which the benefits will build up
- It must not impose barriers on joining the scheme, such as a probationary period or age limits for members
- It must not require employees to make an active choice to join or take any action prior to joining
Under Auto Enrolment, employers will have the responsibility to do the following:
- Nominate an official point of contact
- Know their staging date and develop a plan for implementation
- Assess their workforce
- Review their pension arrangements
- Communicate the changes to their employees
- Automatically enrol any eligible employees
- Register with the Pensions Regulator and keep the required records
- Contribute to their employees’ pensions
Here at Easy PAYE, we offer a number of services that will minimise the impact that the roll-out of Auto Enrolment will have on your organisation, whatever its size.
Having already helped a wide variety of companies, we are perfectly placed to help you with the Auto Enrolment process.
Our skilled and experienced advisors will help you to set up and manage your new and existing pension schemes, guiding you through the entire process and ensuring that you have everything you need to be compliant and support your staff effectively.
Our HMRC approved payroll system will hold you company pension reform rules, including your:
- Pension reform staging date
- Assessment report look ahead period
- Default employee postponement period
- Aligning deferral date
- Earnings for making and assessment
- Employee notifications period
For further information about our Auto Enrolment and Work Place Pensions services, or to discuss your requirements further, please get in touch – our skilled and experienced team are always happy to help!