Pension Auto-enrolment – Have you started your Journey Yet?
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Pension Auto-enrolment what’s it all about? The biggest change in Workplace Pensions Schemes history began in October 2012. Employers are now required, by law, to automatically enrol all eligible workers into a workplace pension and make a contribution to it. The deadline (Staging Date) for each company to adopt the new regulations depends upon size, with larger employers going first.
Auto enrolment is not a pensions issue; it’s a company issue cutting across HR, payroll and finance, active project management is essential. All the different departments need to know who is responsible for which part of the process.
The Pension Regulator advises that you begin your Auto enrolment process between 6 months and 18 months prior to your Staging Date.
Over 47,000 employers have their staging date between April and June 2014, if your Staging Date is in 2013 and you have not engaged with Auto enrolment you need to get your skates on. If it’s in the first six months of 2014, start making plans NOW!
The earlier you begin the process; the more control you have over its impact and the less chance you have of running into trouble. And trouble can mean significant fines; up to £10,000 per day from the Pensions Regulator.
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