A Guide to Auto Enrolment
Automatic enrolment. Workplace pension reform
Is it time to start your workplace pension journey?
Very soon your business will be required by law to run a pension scheme for your employees. Even if you run a small business, you must comply with this new legislation. Our Auto Enrolment event was designed to show how a complete solution can be created while you continue to concentrate on running your business.
Daily fines will be levied on businesses that fail to comply so its important that steps are taken now with the support of AD+ to get you in the right position.
In addition to the pension costs and administration, your payroll department must calculate all the contributions, prepare a data file (which is complex and detailed!), upload the data file to the pension company web site, and ensure all communications is accurate and sent on-time to employees and the pension regulator – for every pay period of the year.
It has been estimated that your business will have to complete over 30 administrative tasks to comply with auto-enrolment legislation. To help you, ad+ has developed a complete solution. We will take care of all your pension and payroll issues. You can concentrate on running your business.
Employers seven-step process to enrolment
- Know your staging date – when you act
- Assess your workforce
- Review your pension arrangements
- Communicate the changes to all your workers
- Automatically enrol your eligible job holders
- Register with the Pensions Regulator and keep records
- Contribute to your workers’ pensions
Every employer will have to act to fulfil their new legal duties. If you are an employer, it is vital that you understand your new responsibilities.
Your first three steps are as follows:
1. Know your staging date – when to act
2. Assess your workforce
3. Review your pension arrangements
Know your staging date
– when to act
The date that the new law applies to your company is known as your ‘staging date’. This date is determined by the size of your largest PAYE scheme on 1 April 2012.
Assessing your workforce
Workers who will need to be automatically enrolled in a pension scheme are called ‘eligible jobholders’.
An eligible jobholder is:
Aged between 22 and State Pension age, working or ordinarily working in the UK and earning above £10,000