What is automatic enrolment?
Every employer, even those with only one member of staff, now has a duty to enrol eligible staff into a workplace pension scheme and to contribute towards it. This is known as automatic enrolment.
It is called this as it is automatic for your staff and they do not need to take any action. It is the employer’s duty to take action on their behalf, ensuring eligible staff are enrolled in a workplace pension and that contributions are paid for them.
If you already pay pension contributions for your staff you will still need to ensure that the method you use meets the automatic enrolment rules.
You will have to complete the following tasks:
- Review your existing pension scheme / Set up a new pension scheme
- Enrol eligible staff
- Ensure deductions from salary and all Employer contributions are correct
- Complete a Declaration of Compliance to tell The Pensions Regulator you have followed all of the Auto Enrolment steps
When does my company need a Workplace Pension?
Your staging date is when your automatic enrolment will come into effect. Different businesses have different dates, therefore, you may have more than one date if you have two or more payroll numbers.
The Pensions Regulator will send you a letter with your staging date on, however it is good to find this out prior to receiving your letter, so that you can start to prepare.
If you don’t know your staging date, you can find it using your PAYE reference. To find out your staging date you will need to visit The Pensions Regulator website via the following link: http://www.thepensionsregulator.gov.uk/employers/staging-date.aspx
You will need your PAYE reference to hand for this. If you don’t know your PAYE reference, it can be found on a P6/P9 coding notice or on your white pay slip booklet P30BC.
If you require more information, contact Boolers for workplace pension’s advice and management. Our team have extensive experience advising employers on pensions and can help you to ensure the method you use meets the automatic enrolment rules. Our pension’s team in Leicester can guide you through the pension process and help you set up or review your existing pension plans.
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