Pensions & Automatic Enrolment
Automatic enrolment: Do you know your staging date?
If you employ one worker or more, then you will have automatic enrolment duties, which means that you may need to put certain staff into a pension scheme. Do you know when your legal duties start? Don’t delay or you risk a fine. It takes only 5 minutes to work out what you need to do, and by when – complete The Pensions Regulator’s Duties Checker today and get the ball rolling.
Automatic enrolment: What to consider when choosing a pension scheme
When choosing a pension scheme for your staff, you should look at different schemes before you decide which is suitable for you and your staff.
It’s important to know whether a scheme will accept all your staff, what the costs will be and whether it will work with your payroll. Also, If you have staff who don’t pay income tax, it’s important to check that the scheme uses ‘relief at source’ to add tax relief from the government.
The Pensions Regulator has guidance to help you find out what to look for when choosing a pension scheme.
Re-enrolment and your ongoing duties
Every three years, you will need to put certain staff back into a workplace pension scheme and make contributions to it. This process is called re-enrolment. The Pensions Regulator will contact you ahead of your re-enrolment date to let you know what you need to do, and by when. It’s important the right person is receiving information, notifications, and reminders from The Pensions Regulator. Update your contact details online.
Re-enrolment – do you know when this impacts your business? If you automatically enrolled your staff into a workplace pension around three years ago (in 2013/14), then you should be aware that you will soon be reaching your re-enrolment deadline. At your chosen re-enrolment date, you will need to put certain staff back into an automatic enrolment pension scheme. As part of your legal re-enrolment duties, you’ll also need to complete a re-declaration of compliance to tell The Pensions Regulator what you’ve done.
The Pensions Regulator has produced an Essential Guide to Re-enrolment on what you need to do, and by when.