Three big steps towards Auto Enrolment…what you should be doing now
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 – Nominate a contact
If your staging date is less than 18 months away you should have received a letter from the Pensions Regulator with a unique code. They’ll write to you with important updates as you prepare for automatic enrolment – it’s essential these get to the right person in your organisation. This person is your nominated contact.
You can do this via the Pension Regulators online service, all you need is your letter code.
Click here to fill out the online contact nomination form.
2 – Know your staging date and develop a plan
Your staging date is determined by the total number of persons in your largest PAYE scheme, based on information held by HMRC on 1st April 2012.
The staging date timeline (http://www.thepensionsregulator.gov.uk/employers/staging-date-timeline.aspx ) shows when your staging date is likely to be – companies with as little as 59 employees need to have schemes in place by 2014!
We recommend that you spend at least 12 months planning the implementation of your new scheme to make sure you get it right, there are over 200 employer duties to comply with and significant fines are in place for those employers that do not carry out their duties!
For further information you can also watch a short video which gives advice on auto enrolment for employers: http://www.bottomlineonline.co.uk/auto-enrolment-pensions-advice-for-employers/
For further information please contact Dave Gleeson on 01772 821021.