Auto enrolment pensions
New legislation around auto enrolment came into effect from 1 October 2012 and has implications for all types and sizes of organisations, with complex rules to understand. Although many businesses have already met the auto enrolment demands, there are still many SMEs that need to automatically enrol their workforces.
While The Pensions Regulator has been working hard to help employers understand their duties and comply with them, they are aware that there are still some gaps in certain areas.
- the types of earnings to be assessed
- what a pay reference period is
- the duty to enrol workers who opt in during the postponement period
- the types of workers who are eligible for auto enrolment
Therefore, employers need to:
- plan early – don’t underestimate how long it will take
- assess the workforce to understand which workers will be affected
- communicate with staff clearly and early
- examine systems to assess capability
- seek help from experts/external advisors.
Clients benefit from our knowledge in this area and we make sure they are fully compliant the relevant thresholds at the times they are required to. Contact us here.