Employers take note, the law on workplace pensions has changed and will affect you, either now or in the very near future. Every employer, who has at least one employee, now has new duties and obligations that they must adhere to. This includes assessing who of their employees meet certain criteria and putting those that do into a Workplace Pension Scheme AND contribute towards it. This is called Automatic Enrolment. It is called such because it is automatic for the employee, they don’t have to do anything to be enrolled into your pension scheme. But it is not automatic for employers as you need to take appropriate steps to make sure your employees are enrolled.
When will the law affect you?
Every employer has a date by which they need to comply with the law. This is called ‘Your Staging Date’. Optimum can help you establish your staging date but note much needs to be done well before the staging date to ensure obligations are met.
What do employers need to do and when?
There are a number of tasks that will need to be completed by your staging date. These include assessing your workforce to see who’s eligible, choosing a pension scheme, and communicating in the correct manner to employees. Optimum’s Auto-Enrolment service includes the option to help employers prepare an automatic enrolment action planner to find out what they need to do and by when.
The financial impact for employers
The business cost of complying with the new workplace pensions legislation is not confined to the cost of pension contributions for your employees. There is the additional administration, upgrading payroll software, putting in place new business processes, ongoing legislative compliance and employee communications.
Good planning can help reduce costs and mitigate risks. In our experience there are many ways to minimise the financial impact of auto enrolment.
The solution for employers?
Optimum Independent Financial Advisers in partnership with Plan Money have put together a full bespoke menu based service that can help employers meet the challenges of Automatic Enrolment. Please see/download our brochure from the link below.
Please don’t hesitate to contact us if you would like to discuss how our full ‘Comprehensive Service’, or ‘Scheme Selection Service’, could benefit you and help mitigate the disruption it may cause your business.
Telephone: 01206 366700
Email: [email protected]