The aim of auto enrolment is to ensure that everyone starts saving for their retirement.
The legislation places statutory obligations on employers big and small.
You must automatically enrol your workers into a workplace pension if they are aged between 22 and State Pension Age, are earning more than £10,000 a year and work in the UK. There are heavy financial penalties for non-compliance.
All employers will receive a letter 12 months and three months ahead of their staging date. The number of workers determines your “staging date” – the point when auto enrolment duties begin.
It is your responsibility to ensure you have determined the correct staging date and to take action accordingly.
Full audit and assessment of the entire workforce must be conducted well in advance, knowing which members of staff are legible to be automatically enrolled.
Deadlines also need to be met for communicating the correct information your workers.
Businesses also have to review any existing scheme in place, determining whether it meets the requirements of the legislation and is the most suitable.
If you don’t have a current scheme, you must research the market for a one most applicable to your staff and enrol each member accordingly, ensuring that communication of payroll information and contributions are accurately carried out on a monthly basis.
Feeling overwhelmed by the challenge? Don’t panic, we’re here to help you get through the process. Put your auto enrolment in our hands and we’ll make sure everything gets done – correctly and on time. We’ll also give you the processes that work.