The latest government idea for busy business owners to collate, administrate and manage is the introduction of auto enrolment, or workplace pensions. Few would disagree with the principle, but haven’t we got enough to do already? Apparently not.
So here’s a ‘must do’ guide to ensure a seamless implementation.
First of all, all businesses with staff must register for auto enrolment. This means that even if you have only one part-time employee you must engage with the process. Staff can opt out if they want to, but you must not be seen to have coerced them in any way.
Begin by finding your staging date. Go to www.thepensionsregulator.gov.uk and enter your payroll number. Your start date may be sooner than you think!
Next, make sure you implement the process well in advance of the launch date, as the introduction takes around six months. Take care to follow the instructions and procedures closely to avoid any future repercussions.
In order to get your scheme set up as quickly as possible, our Members have free access to a fully compliant pension scheme through the Workers Pension Trust. They have operated in the pensions industry for 30 years and offer free set up and free monthly administration. The pension is placed with Legal and General, widely regarded as trustworthy, professional and experienced.
You will be guided through the entire process. The professional customer services and support team is UK based and staff will help you with employee communications, including letters, posters and leaflets.
There’s no problem coping with hourly paid and transient workers. It is suitable for all sized businesses and types of employees. There is no minimum number of employees and transfers are permitted to and from the scheme. It also allows for flexible contributions within HMRC limits.
Let Business First Network help you tick this time consuming task off your ‘to do’ list. Allowing you to sit back and feel unbelievably smug that everyone else is panicking and scrambling to get organised in time!