Three big steps towards Auto Enrolment…between now and staging
Are you ready for Auto Enrolment?
Workplace pensions law has changed and every employer in the UK will now be required to help more of their workers save for retirement. In this three day blog series we take you through the three main stages of Auto Enrolment with handy hints and tips for getting ready!
1 Assess your workforce
You will need to be able to identify any eligible jobholders working for you.
In addition to eligible job holders there are other types of worker:
- Non-eligible jobholder
- Entitled worker
You will need to be able to identify whether you have such workers, if you do you will have employer duties in relation to them.
Read our ‘Employer Duties’ blog from last month for further details.
The Pensions Regulator also has some great interactive tools and guides to help you assess your workforce and get to grips with your employer duties.
Your employer duties
Assessing the workforce
2 – Review your pension arrangements
You might have an existing scheme in place that you can use or adapt for automatic enrolment, or you may need to set up a new one.
You should seek advice to make sure that the scheme you choose is right for you and your workforce.
We have produced a short video which looks at the 6 key principles to consider when choosing company pension scheme, to watch this video please click here: http://www.bottomlineonline.co.uk/six-key-principles-to-consider-when-choosing-company-pension-schemes/
3 – Communicate the changes to all of your workers
As an employer you are faced with in excess of 200 duties in relation to the planning, implementation and ongoing maintenance of your chosen workplace pension scheme. One of your first duties is explaining auto enrolment to employees….read our recent blog to find out more information on this. http://www.bottomlineonline.co.uk/explaining-automatic-enrolment-to-workers/
For further information please contact Dave Gleeson on 01772 821021.