Auto enrolment – Are you ‘all in’?

We have seen again recently that The Pensions Regulator (TPR) is calling for employers to embrace the ‘we’re all in’ mantra.

According to their research, one in five small employers and almost half of micro employers do not know the exact date that they need to comply with the auto enrolment rules.

TPR executive director of auto enrolment Charles Counsell says, “This research demonstrates the bigger picture: employers must prepare and they will be looking for advisers to help them”.

We saw earlier in the year the reports that Dunelm Mills failed to comply with meeting their staging date, enrolling members and making contributions to a pension scheme.

If you are an employer, it is your responsibility to know your staging date and we strongly recommend that you to plan accordingly, and in plenty of time.

Once you know the date that you must automatically enrol your workforce into a pension scheme, you then need to assess your workforce and categorise them in accordance with the guidelines set by TPR.

This is merely one stage and does not cover any payroll requirements, pension scheme reviews or communications to staff. Involving a financial adviser early can assist with planning and meeting your duties.

Armstrong Watson can support you with individual aspects of the project, or the entire process, so if you need help please contact us at one of our 15 offices across the North of England and South of Scotland.

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