Auto Enrolment (AE) is now fully underway, with the largest employers in the UK having already reached their staging date and enrolled their eligible employees. There is currently a confusing array of solutions for employers at a time when many still have to navigate the new legislation and have a solution in place in time for their own designated staging date.
The process of AE is to ensure that all relevant employees have immediate access to a pension scheme into which the employer will also make contributions on the employees’ behalf. The pension scheme must meet strict eligibility criteria in order to be deemed a Qualifying Workplace Pension Scheme (QWP).
The nature of advice required here is bespoke to each employer. We see the AE process as a journey for the employer, with which we can provide guidance and advice along the way. There are many points during this process where assistance and advice may be required, such as:
- Our AE Report assesses the workforce – this helps you to understand how your employees fit in to the AE criteria and can help to establish the costs going forward thus enabling you to budget as necessary
- Assessment of any existing pension schemes and their capacity to meet the requirements of a qualifying scheme under AE legislation
- We can design a pension scheme which will work for your business – this includes factors such as the salary basis used for contributions, postponement and deferment
- Selection of a suitable provider to fulfil your requirements
- Setting up the scheme
- Integration with your payroll system
- Helping you to keep your workforce informed throughout the process
- Providing support every step of the way
Do Not Delay
Given the amount of work involved in designing an appropriate AE solution for your business, along with the potential “capacity” crunch that the pensions industry is predicted to reach in the coming years, we recommend that you begin your planning as soon as possible.
Should you wish to discuss your current situation and learn more about how we can help you navigate through your very own AE journey then please contact Ryan Qualters, Simon Hollin or Robert Sully on 01246 559955.
