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Auto-Enrolment is here!!

You need to act now, even if it is just to nominate someone in your organisation who will be the Primary contact for the Pension Regulator.  There are various stages that can be completed prior to your staging date which will make your transition to auto-enrolment run smoothly.

Some questions that you may be thinking……

What is Auto-Enrolment?

Employers will have a legal obligation to enrol their employees into a pension scheme.  Employers and employees both have to make a minimum contribution each month.  This is “automatic” because the employee is “automatically” enrolled – although the employer has to set them up!

When do I have to start doing this?

The Pensions Regulator will have sent you a letter stating your staging date.  From this date you need to be operating Auto-Enrolment.  You therefore need to act now so that everything is in place and properly set up before your staging date arrives.  There are several stages that can be taken on now, for example you need to have a pension provider in place prior to the staging date.

What are employers’ responsibilities once this is in place?

Employers will have a multitude of responsibilities to conform to each month.  Fortunately a lot of these can be covered by using software which is continuously being updated to comply with legislative changes.  Employers need to regularly monitor their employees’ earnings, age and eligibility to join the scheme and asses any employees that have opted in/out of the scheme.  It’s the employers’ duty to accurately make the pension deductions from pay and ensure they are paid over to the pension provider on time.

How do I find an Auto-Enrolment pension provider?

Firstly contact your current pension provider to see if your existing scheme can be used, they may suggest an alternative you can switch over to if not.  Unfortunately we are not able to advise you which provider to use but if you need some help, you can contact Chater Allan Financial Services LLP on 01223 354233 or through their website www.chaterallanfs.co.uk. They are fully qualified to assist in this area.

This all seems like too much – Is there any help out there?

Nobody can take the employer’s responsibilities and duties away from you but yes, there is help to make it easier.  As mentioned above, many software providers are updating their software to ensure compliance – this is only suitable if you currently use software or are intending to start using it. Compliance of this nature is going to involve a lot of administration and take up a large amount of your time.  If needed, we are able to help out considerably from the initial set-up to calculating the monthly contributions, assessing employee’s eligibility, and providing the necessary communication with employees.  If you need to discuss this further, call us on 01223 354233 or contact us through our website www.chaterallan.co.uk

 

 

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