Automatic enrolment

Is your business ready for the challenge?

The Government estimates that millions of people in the UK are currently not saving enough for their retirement. To help solve this problem, the Government has introduced legislation that means every employer will have a duty to put a pension scheme in place.

You’ll also have to automatically enrol certain workers into the scheme and make contributions on their behalf.

This presents a huge challenge for your business. You’ll need to understand your automatic enrolment duties, the impact on your business and the changes you’ll have to make.

We can help you with this challenge. We offer a range of services which will help you to understand and prepare for automatic enrolment. By starting to plan now, we can help you to mitigate the costs and minimise the disruption to your business.

What it means for you?

Don’t under-estimate what’s involved. There’s a lot for you to think about.

• Does your current pension arrangement qualify as an automatic enrolment scheme?
•  How will you communicate with  your workers and ensure you get the right message across?
• Have you considered the additional administration and cost involved in meeting the new requirements?
• Will your existing payroll process need to be altered?
• Will you be able to cope with the additional administration burden?
• Will you be able to put new processes in place and comply with record keeping and reporting requirements in time?

How we can help

We will provide you with practical help and advice every step of the way through automatic enrolment.

• We can work out your staging date. This is the date your employer duties will start.
• We can review any pension schemes you have in place to find out what you have to do to make it suitable for automatic enrolment.
• We can review your workforce to help you understand what your new duties will be.
• We can advise you on ways to save money and offset the cost of automatic enrolment, for example by phasing in changes now or by introducing salary exchange.
• We can design the right pension scheme for your business and your workers.

We can produce a useful report based on the number of workers you have which:

•  Tells you when the automatic enrolment changes affect your business.
• Gives some guidance on what you’ll need to do before, on and after your staging date.
• Tells you what will happen if you don’t comply.
•  Gives you more information about how we can help you.

The next steps

The sooner you act the more time you’ll have to consider what options will suit your business.

Find out how we can help you ensure that your business is ready for automatic enrolment.

Call us now to discuss your options.

Hoskin Financial Planning   “Your Pathway to a Secure Future”