The Pensions Regulator says that 152,900 small and micro employers (with fewer than 50 people employed) have a staging date for automatic enrolment in financial year 2015/16.
This means that they must start a pension scheme, or join the government’s NEST arrangement, in this financial year. The regulator recommends planning for a new scheme 12 months ahead of a staging date – but I wonder how many employers actually do that?
In view of the commitment that employers all eventually have to starting a pension scheme, here are some matters of interest. Let me know if you need any more information about these or any aspect of auto enrolment.
New step-by-step guide published
The Pensions Regulator (www.thepensionsregulator.gov.uk/) has published a new auto enrolment step-by-step guide specifically aimed at small and micro employers. This new guide explains simply and clearly the steps you will need to take to comply.
It says that ideally you should allow up to 12 months to prepare and you should visit the step-by-step guide regularly to make sure you are fully prepared to meet your automatic enrolment obligations.
Automatic enrolment: do you know what you need to know about payroll?
The Pensions Regulator has also issued a guide that explains how using the right payroll software is key to a smooth enrolment experience. Research by them indicates that people may not be aware of the impact that automatic enrolment has on payroll, particularly in relation to data/software compatibility.
If the payroll systems that you are planning to use are ready for automatic enrolment and compatible with other systems, you’ll find the process much easier to implement and run on an ongoing basis.
‘A quick guide to setting up payroll: Making automatic enrolment easier’ is aimed at payroll professionals and will help you understand the steps required to ensure your payroll systems are ready.
Companies with no staff
Lastly, The Pensions Regulator has published an auto enrolment update aimed at companies who employ no jobholders and therefore, may not have any automatic enrolment duties. For example a services company with no staff and a director who has no contract of employment.
There is information on their website on what sole directors should do if they believe automatic enrolment obligations do not apply to them, as well as further information to help husband and wife companies and family businesses understand how automatic enrolment duties apply to them.
If you run a business and do not have staff and have received a letter from The Pensions Regulator, you can write to them to explain their particular circumstances.
For help and advice please do not hesitate to contact us at HoskinFinancial
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