Auto enrolment legislation is designed to encourage us all to save for our retirement.
It requires all employers, like yourself, to automatically enrol some or all members of your workforce (subject to age and salary level) into a pension scheme that meets certain minimum standards.
Auto enrolment is being phased in, with your staging dates (the start date of your duties as an employer) being determined by the size of your PAYE scheme. The Pensions Regulator (TPR) will write to you 18 months before your staging date to give you time to prepare.
You will need to do the following:
- Nominate a point of contact
- Know your staging date
- Assess your workforce prior to the staging date
- Nominate a pension fund operator or use NEST (National Employment savings Trust)
- Communicate the change to all your employees
- Automatically enrol your eligible jobholders
- Register with TPR and keep records
- Contribute to your workers’ pensions
- Pay appropriate contributions
- Continually assess current and new employees
How can we help you?
Did you know that Bates Weston offers a BACS Payroll service that is fully compliant with RTI and auto enrolment legislation?
As such, for payroll clients we can assess their entire payroll, identify all eligible and non-eligible employees and contact all categories to ensure that they are fully compliant with all their communication obligations.
We can then auto enrol everyone they need us to and fulfil their reporting obligations to TPR.
You can, of course, choose to deal with autoenrolment compliance directly with TPR or through your current payroll provider if you prefer, but please be aware that TPR can levy hefty fines, ranging from a £400 fixed penalty, through escalating penalties at a daily rate to a maximum levy of £10,000 per day for failure to comply with or operating auto enrolment incorrectly.
If you would like to talk with us about how we can help you plan for and comply with auto enrolment, please do contact us on 01332 365855 or email on firstname.lastname@example.org.