You are probably familiar with this saying and as a business owner, you may well feel that the latest downpour you have to deal with is the introduction of auto enrolment, or workplace pensions. It’s a common sentiment amongst our Members, so to help you, here’s a short ‘must do’ guide to ensure a seamless implementation.
First of all, it’s important to remember that every business with employees must register. This means that even if you have only one part-time employee, you must still engage with the process. So to start things off, find out your company’s staging date – this is the date your automatic enrolment duties come into effect for your business. Go to The Pensions Regulator and enter your payroll number. Do it now, because your staging date may be sooner than you think!
You should start planning well before your auto enrolment staging date, ideally at least six months beforehand. The earlier you start to prepare, the smoother the transition will be. Take care to follow the instructions and procedures as advised, so as to avoid any repercussions in the future. You don’t want a disgruntled employee complaining that they weren’t informed correctly in a few years’ time.
To ensure that you get it right and set up as quickly as possible, our Members have free access to a fully compliant pension scheme. You will be guided through the entire process. The customer service and support team is based in the UK and staff will help you with all aspects of set up, including employee communications such as letters, posters and leaflets.
There’s no problem coping with hourly paid and transient workers. In addition, 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.
Finally, if we may borrow a well-known sports brand’s motto, ‘just do it’. 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!
Of course, if you have any questions about auto enrolment or any other aspects of Business First Network please contact me and I will be happy to answer them for you.
P.S. Don’t forget - to become auto enrolment compliant for free, join Business First Network.