Workplace Pensions law is changing and every UK employer will have to take action as a result. The new law requires all employers with one or more workers to automatically enrol certain members of their workforce into a workplace pension scheme. They will have to deduct an employee contribution from their salary and also make an employer contribution to the scheme.
This law comes into force for employers between 2012 and 2018, the exact “auto-enrolment staging date” for each employer to be determined by company size. Larger employers will be phased in first, and this process started on 1st October 2012.
As a guide companies with 500-800 staff members will have a staging date of 1st November 2013, a company with 160 staff will stage on 1st April 2014. It is expected that all businesses will have staged by 2018.
The Pensions Regulator suggests that all employers complete 7 steps to help prepare for automatic enrolment:
1. Know your staging date – first you need to know when you will have to act
2. Assess your workforce
3. Review your pension arrangements
4. Communicate the changes to all your changes to the workforce
5. Automatically enrol your “eligible jobholders”
6. Register with the Pensions Regulator and keep records
7. Contribute to your workers pensions
We can help employers of all sizes with every stage of auto-enrolment preparation.
Please contact us for more information;
T: 01474 709605