AUTO ENROLMENT SERVICE
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What is Automatic Enrolment?
The law on workplace pensions has changed. Every employer with at least one member of staff now has new duties. This includes enrolling those who are eligible into a workplace pension scheme and contributing towards it. It is called automatic enrolment.
Automatic enrolment is automatic for your staff – they don’t have to do anything to be enrolled into your pension scheme. However, it is not automatic for you. You need to take steps to make sure your eligible staff is enrolled in a pension scheme. Moreover, even if you already pay contributions into a pension scheme for your staff, you still need to check if it is suitable for automatic enrolment.
The following tasks, in particular, will take you some time:
- Setting up a pension scheme
- Enrolling your staff in the pension scheme.
Contributions to the scheme come from three places. You will make deductions from their pay, you will make employer contributions and the government will contribute via tax relief. Furthermore, you’ll need to make sure you contribute the right amount.
Ideally, you should allow up to 12 months to prepare. Remember, automatic enrolment is your legal duty and if you don’t act you could be fined.
Your Timeline for Auto Enrolment should take course of the following:
- Know your Staging Date – To do this you need to Log onto the Pensions Regulator Website and enter your PAYE reference number.
- Provide a Point of Contact – You Must Nominate a Contact Who the Regulator can contact to communicate your automatic enrolment Duties.
- Check who you need to enroll – You need to check who is eligible for the scheme and who will have to be automatically enrolled.
- Choose a Pension Scheme – Choosing a Pension Scheme can be tough you should contact us and we can help get you the advice you require to decide which Scheme to go into.
- Write to your staff – You need to communicate with your staff advising them if the scheme applies to them and when it is going to start.
- On-going Duties – Pay Regular Contributions to your Pension Provider and monitor ages and earnings of your staff including enrolling new Starts into the Scheme If they are Eligible.
A step-by-step guide is available on this Link.
At S.M Vint we can Help with this Service. please get in touch today and speak to someone in our payroll department.
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