Our approach is four-strong; we design, implement, run and service your company auto-enrolment scheme for a low monthly fee
Auto Enrolment for employers has now gone from something you could put on the back burner to a time-sensitive issue that you must address. Employers have new legal duties to automatically enrol certain members of staff into a pension scheme and make contributions towards it.
Every company has been assigned a staging date and on that date you have to automatically enrol all of your 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 caveat is that if you don’t fully comply with the regulations, you are opening yourself up to the possibility of fines from the Pensions Regulator that can run into thousands.
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
All of that needs doing before you reach your staging date and normally takes a minimum of 6-9 months to organise.
Designing the right solution for your business means achieving the right balance between costs and the ongoing administration of your scheme. We recognise that our clients need expert help and advice to understand these duties, the impact on their business and the changes they will need to make.
The good news is that we are able to help with all of this. Our expert workplace pensions team has developed a market-leading proposition for employers that will help you comply with all of the necessary duties under this legislation. Unlike most companies, we do not charge up-front fees for this service and, instead, have costed our service on a low monthly fee basis.
Depending on the number of employees your company has, our monthly fees range from just £30 up to a maximum of £200 (+VAT).
You can contact our auto-enrolment team on 0800 063 9259 or contact us in writing here.