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31
Oct

Auto-Enrolment

Posted on in Pensions
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This month we would like to re visit the topic of Auto-Enrolment/Work place pensions.

What is auto-enrolment?

Auto-Enrolment is part of the government initiative for workers to provide for their own pension and will involve employers in the process. 

This will include the employer being required to make contributions to their employee’s pension fund. This process has already started for a large number of employers, however, those employers with fewer employees will commence the process over the next year. These employers can enrol sooner if they wish, however, the employer contributions would start sooner as a consequence and thus it is expected that most employers will wait until the last possible moment.

Care should be taken to ensure full compliance with the regulations as late registration will involve penalties as the Pension Regulator, unlike the government agencies, have not introduced the penalty regime on a softly softly basis but has imposed penalties from the start. 

When is my auto-enrolment staging date?

The exact compulsory date will depend on the number of employees and for those employers with less than 30 employees, the starting date is by reference to the PAYE reference number of the employer. You can if you wish visit the government website to determine your start date by logging on to http://www.thepensionsregulator.gov.uk/employers/staging-date.aspx and following the links. You will need your PAYE reference number to do this.

A brief guide to employers is also provided by NEST (National Employment Savings Trust) on their website at www.nestpensionadvice.co.uk.

If you wish to talk about your own situation or find out further information beforehand then please contact Lisa or one of the team at LBW on 0151-644-4848. 

 

 
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