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Begbies Traynor is the UK’s leading practice of professional services, helping business with matters relating to insolvency, finance, restructuring, tax, pensions and more.
Our auto-enrolment solutions for UK employers are unparalleled. From as little as £30 per month, and with no upfront fees, we can design, implement and run the scheme so you can focus on what you do best - running your business.
The government's auto-enrolment roll-out is well underway at the time of writing and large firms with high staff numbers are already staging. In 2015, the attention turns to SMEs and less-established firms who need to comply with the new rulings or face penalties.
Every company, by its staging date, must have automatically enrolled all eligible staff in the scheme – make employer contributions, deduct employee contributions and forward these to the pension company, but before you can do that there is a lot of work that needs to be done in order to be able to set the process up in line with the regulations.
The key areas of compliance leading up to your staging date are:
• You have to notify the pensions regulator of a nominated contact for all correspondence and updates
• You will need to develop a plan for implementing all of the elements of the pension scheme and communication with staff you need to do
• You need to assess your workforce to see who fits as either an eligible job holder, non-eligible job holder or entitled workers
• You will need to review any existing pension schemes you have got to check they meet the approval standards if you don’t have a pension scheme you will need to select the one that will offer best value to your staff.
• Then you will need to communicate what is happening with your staff explain auto–enrolment to them and what the implications are for them.