How is it being implemented?
Auto enrolment is being phased in over a period of about five-and-a-half years, starting with the country’s largest employers in October 2012 and ending with the smallest in February 2018. During this period, the date by which an individual employer is expected to have met their statutory auto enrolment obligations is called their ‘staging date’, the date being based on the number of workers in the employer’s largest PAYE scheme on 1 April 2012. For those employers who don’t pay their staff through a PAYE scheme, the staging date was 1 April 2017.
Automatic enrolment is only ‘automatic’ for your staff, it is not automatic for you, their employer. Although it’s a simple concept it may be a time consuming and expensive exercise for many employers, both to set up and then administer on a long-term basis. In fact, auto enrolment could bring your organisation up to fifty new ‘actions’ and many of these are long-term, ongoing responsibilities that will need your regular attention.
As an employer you need to know exactly what you will have to do and plan how you’re going to do it as implementing auto enrolment may take much longer than you think.
The first step is to find out your staging date. Knowing this is essential as it sets the timetable you will have to meet as – remember – the staging date is the date you are expected to have finished putting everything in place, not the date you start doing something about it. Although you should have received notification of your staging date from The Pensions Regulator, it’s very easy to find it by visiting their website and entering your PAYE reference into their staging date tool: The Pensions Regulator website: staging dates.
The Pensions Regulator is the UK regulator of work-based pension schemes and, in the Pensions Act 2008, was given a statutory objective to maximise compliance with auto enrolment legislation. When you reach your staging date you must submit a declaration of compliance to The Pensions Regulator to confirm that you’ve met your auto enrolment duties.
How can One Financial Solutions help you?
One Financial Solutions is here to help you. We can help you plan and implement everything necessary to ensure you comply with the new legislation and fulfil your legal obligations.
If you already have a workplace pension scheme we’ll review it to make sure it can be used and will recommend any changes that may be needed. If you need a new scheme we’ll find one for you and, as a truly independent firm of financial advisers, we’ll make sure the scheme we recommend is selected from the entire market and is the one that is best for both you and your staff.
More than that, if you’d like us to administer the entire scheme for you, we can do that too.
So, if you’re looking for specific help about auto enrolment or just want advice on the subject, please call us on 020 3714 9565 or ask us to call you by sending an email to firstname.lastname@example.org.