As a consequence of the changes to workplace pension legislation, all employers will be required to ensure more of their employees have a pension in place.
The term and phrase Auto-enrolment has come about and is being widely used as it refers to the process and requirement whereby employers will need to automatically enrol certain employees into a pension scheme.
To help manage the introduction of Auto-enrolment and allow time for organisations to put plans in place the government/pensions regulator has devised a timetable for take-up or staging dates. An employer’s staging date is determined by the number of employees forming their PAYE scheme as at 1 April 2012.
Whilst many of the larger employers have already been required to implement Auto-enrolment, many smaller employers are still to do so. Though, during the course of 2014/15 the majority of employers will no doubt need to consider/adopt Auto-enrolment or start to think about its implementation.
Experience shows that ideally you need to start looking at the implications and implementation of Auto-enrolment 12 months prior to your staging date, the date at which you are required to have a qualifying scheme in place.
Certainly the time and work required to establish the process invariably takes longer and is much more involved than most first think, not least for the smaller organisations with greater demands on resources.
As pension’s specialists, the team at Allotts Financial Services Limited are able to guide and support you through the process of establishing an Auto-enrolment scheme that meets your needs and those of the Pension’s Regulator. We can provide;
Fees for the above are charged on a time spent basis with fee quotations provided on request and prior to commencement of any work. For a free quotation and an indicative fee proposal please contact John Moseley/Sharon Lound on 01709 828400 or alternatively email: firstname.lastname@example.org.
Other than introducing the scheme itself the biggest impact on the organisation will be that on its payroll procedures, processes and record keeping. If you use an in house payroll system such as Sage Payroll, then one of our sister company Allotts Business Services Ltd’ Sage Specialists (Allotts are a Sage Accredited Accountant Partner) can provide advice and support as required. If you wish to consider outsourcing your payroll, Allotts Business Services Ltd offer a comprehensive payroll service that is fully RTI and Auto-enrolment compliant. For a free quotation please contact your regular Allotts contact or email: email@example.com.
As part of the process of adopting Auto-enrolment you will need to review contracts of employment, the employee handbook and your process of employee engagement to ensure they are compliant and that they take into account the changes.
For any HR issues or services why not speak to our HR experts in our sister company (Allotts Business Services Ltd), Tracey Barker or Debra Bonewell on 01709 828400 or email: firstname.lastname@example.org.
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