Auto-enrolment is the term for the automatic enrolment of employees into workplace pension schemes. By 2018, all businesses must operate a pension scheme for qualifying employees, with employee and employer contributions.
Whilst 2018 may seem a long way off, the Centre for Economics and Business Research (CEBR) is predicting that SMEs will face set-up costs of up to £28,300 per business to meet pension auto-enrolment requirements. They also estimate that it could take businesses up to 103 working days to implement, therefore it is vital to start planning as soon as possible.
While you can’t avoid auto-enrolment you can take steps to minimise its financial impact on your profitability, and these steps need to be designed into your pension arrangement.
How can we help? Identifying who will be affected – and who will need to be auto-enrolled. Communicating with your staff – as to how they will be affected. Planning for your staging date – to ensure your payroll is ready for auto-enrolment. Selecting the appropriate pension advisor – based on your requirements/people Helping with your compliance duties to the pensions regulator.
We offer a solution to include payroll processing, the on-going administration of auto-enrolment and the implementation of a pension scheme compliant with the auto-enrolment legislation.
Jenny Clarke is licensed and regulated by AAT under licence number 4889.