Most businesses are now fully aware of The Work Place Pension being rolled out but may not be so sure of their Auto Enrolment duties click site.
The first step for all employers to make is to find out their staging date. The Pension Regulator should notify you of this by letter, however it can also be found on their website.
Once you have found out your staging date, you can start planning your approach to Auto Enrolment.
You need to review your staff’s earnings and age to work out what type of worker they are. If any fall under the Eligible Jobholder category you need to have a scheme ready before your staging date. If your workers fall into the Non-Eligible Jobholder category, you may still need a scheme.
You need to decide what Pension Provider you wish to use for the company’s scheme. If you already have an existing scheme in place you can contact your pension provider and enquire to whether it is a Qualifying Scheme or not, if it is they will be able to advise you on what help they can offer. Otherwise, you will have to research other schemes available to you. This may require help from your accountant or an Independent Financial Advisor to ensure you find the best scheme for your business.
Once you have decided on the scheme; be it NEST, Peoples Pension or even one of the larger providers such as Royal London you then need to activate the scheme.
If it is a NEST scheme, Cheadles can help you with this. If it is a different scheme we can still advise you on what needs to be done.
Finally once the scheme is active and you approach your staging date you will need to enrol your workers into the scheme, and deduct the appropriate amounts from their net pay.
The above is just a simple overview of the stages of Auto Enrolment; however, there is much more involved in the process.
Here at Cheadles we are in a prime position to offer a more tailored advice to your business and help you understand your legal obligations to your staff about Auto Enrolment. Please feel free to contact us to discuss your needs on 01785 254550. We can arrange for you to meet us in our office located near Stafford Town Centre or we can arrange a meeting at your premises.