Auto-enrolment affects all employers in the UK.
We've already helped small and medium enterprises of all sizes prepare for auto-enrolment and we continue to help by providing cost effective solutions.
Under UK Government rules, every employer in the UK must automatically enrol certain employees into a pension scheme and make contributions on their behalf.
There are three different categories of worker, determined by their age and how much they earn. Employers have different responsibilities for each category, known as your employer duties.
Aberdein Considine can help you understand and prepare for the changes you will have to make.
These new employer duties have been introduced in stages which started in October 2012. The date your duties apply is known as your staging date and it’s based on the number of people in your largest Pay As You Earn (PAYE) scheme on 1st April 2012 or your PAYE reference number if your business was created post-April 2012.
You must register that you have an automatic enrolment scheme in place with The Pensions Regulator (TPR) within four months of your staging date.
You’ll also have to re-register every three years. The good news is if you have an existing pension scheme, you may be able to use this to meet your employer duties if it meets certain criteria.
We can provide an easy-to-manage workplace pension scheme for businesses of all sizes. As independent advisers we work with a variety of providers who have developed a range of tools and support material to help you meet your employer duties both now and in the future.
Auto-enrolment poses a considerable challenge to your business. You’ll need to introduce a range of new processes, record keeping and reporting requirements to comply with your employer duties, so advanced planning is vital.
The quicker you act the more time you’ll have to consider your options and adopt the most appropriate strategy for your business. While it’s likely your operational costs will rise, the decisions you make now will help you to manage these costs. We want to work with you and your employees to help you understand and prepare for the changes you will have to make.
If you would like to speak to one of our experts about workplace pensions, click here.
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