Pensions Auto Enrollment Guidance received from Pension Providers is that it takes between 10 to 18 months to prepare and implement the auto enrolment to meet the stage deadline. Some Pension Providers are actually refusing to take companies on that have less then 6 months to their staging date. What to do? o Find out your staging date – based on PAYE as at 01/04/2012 o Categorise your workers into 3 categories, Eligible, Not Eligible, and Entitled. o Calculate the cost of the impact to your company based on the scheme you will be enrolling them on. o Can your payroll system cope with the auto enrolment? There is a requirement to produce an annual certification report, can you do this? o Communicate with employees so they are fully prepared what this means to them, their options, and when it will take effect. It is the employers responsibility to auto enrol workers, if you don’t penalties will come into effect. For more information go to thepensionsregulator.gov.uk/ or dwp.gov.uk/docs/auto-key-facts-enrolment-booklet.pdf
Posted on: Wed, 31 Jul 2013 12:08:04 +0000
Trending Topics
Recently Viewed Topics
© 2015