Helping you with your Auto-Enrolment Duties
Find out why our auto-enrolment services are straight-forward and competitively priced…
So what’s auto-enrolment all about?
Simply put, if you employ at least one person you have to offer them a pension scheme that can be used for Auto-Enrolment.
- You will have to put certain employees into that pension scheme automatically.
- And you will need to pay money into their pension pots.
- And you’ll need to let other employees know they can also join the pension scheme.
But we know you probably don’t have a lot of time to spend on pensions gobbledygook, which is why we make it as simple and straightforward as we can. If you really want to know about the technical stuff, get in touch and we’ll be glad to go into a bit more detail with you.
So what can we do for you to help with your auto-enrolment duties?
Simply put, we can do everything for you if you need us to, or just part of the process, it’s entirely up to you.
If you have a bit more time and want to find out more, please read on as this guide will give you an overview of how we can help you meet your legal obligations. We’ll also introduce you to our complete support solution so you can get on with running your business and just in case you need it, we’ll point out where you can find in-depth guidance on The Pensions Regulator website.
So, who is The Pensions Regulator?
It’s the UK regulator of the workplace pension scheme. They give advice to employers about what they need to do to meet their automatic enrolment duties and they can also find you if you don’t comply with your duties as an employer.
Do you know what your staging date is and where to find it?
This is the first step. Your staging date is the date you need to start meeting your auto-enrolment duties.
If you know your PAYE reference number, (this is in the format of 123/AB12345), you can use this to find out your staging date here. Next, you’ll need to choose a pension scheme. It’s worth noting that not all pension schemes are suitable for auto-enrolment. Some of the more popular schemes are National Employment Savings Trust; Now: Pensions; The PEople’s Pensions
You can find lists of schemes on the following websites:
We can not recommend, nor do we endorse any company or organisation mentioned on this website. Inclusion of a scheme or organisation does not guarantee their suitability for your requirements.
So, you’ve chosen your scheme and set it up, what next?
You need to work out who to put into your pension scheme, who can be automatically enrolled and who can choose to join the scheme. This is known as an assessment. In order to assess your workforce you need to know:
The employees’ age
Whether they are a UK worker
- How much they earn
Once you know this, you can communicate what category each employee falls into. As part of your duties, you need to provide information to each employee about auto-enrolment and their rights.
Register with The Pensions Regulator, (TPR)
You should have received correspondence from TPR with a code. You should go to TPR website and register with them.
Once you have done all of this, you can sit back and relax?
Well almost, all that’s left to do now, is assess your workforce each and every time you run your payroll, send the data to your pension provider and keep accurate records in case the boys and girls at The Pension Regulator want to pop in to check on you.
So how much is all of this going to cost you?
Well, you need to pay at least 1% of your employees earning that fall between £5,824 and £43,000 per year into their pension fund. This is known as contributions and is set by Government each year. You can pay more if you wish.
The minimum contributions will be increasing and will do so in three stages:
|Proposed dates(subject to parliament approval||Employer minimum contribution||Employee contribution||Total Minimum Contribution|
|Until 5 April 2018||1%||1%||2%|
|6 April 2018 to 5 April 2019||2%||3%||5%|
|6 April 2019 onwards||3%||5%||8%|
How can we help you?
Well, with the exception of choosing a pension scheme and we know some folk who can help with that, we can do as much or as little of the auto-enrolment process as you need us to do. We can:
Set up your Pension Scheme
Register you with The Pensions Regulator
Assess your workforce
Issue communications to your employees
Upload your pension files to your pension provider
Complete ongoing assessment of your workforce each payroll
- Keep your pension records for 6 years
To find out more about how we can support you, please contact us today to see how we can help you or for a no-obligation chat.