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Auto Enrolment – Are you prepared!

Auto Enrolment – Are you prepared!
25th October 2016admin_TBMUncategorised

Under Pension Act 2008 legislation with the snappy title of auto enrolment every employer must place certain staff into a pension scheme and contribute towards it. Many small businesses are ignoring their responsibilities to provide pension schemes for their employees, risking the potential of a fine which even for a small employer could be as much as £500 per day.

Here is a checklist to help you through the auto enrolment process.

  • Check your staging date this will have been issued to all PAYE registered businesses by the Pensions Regulator.
  • Confirm and understand the definition “certain employee”
  • Check if your current plan complies with new regulations
  • Review providers available that comply
  • Engage with your payroll provider
  • Prepare staff communications

It is the Employer’s responsibility to organise the set-up of an appropriate pension scheme with a chosen provider. All eligible employees will automatically be enrolled into the scheme. It is the employee’s choice as to whether they remain or opt out!

For details of how a scheme can be set-up, what are qualifying employees and what your reporting requirements are please contact barry@tbmillar.co.uk.

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