Auto-enrolment & workplace pensions
Auto-enrolment, or the workplace pensions, is one of the biggest changes in pension provisions for generations. It means that any company that employs people now has 33 new responsibilities to help those individuals save for their retirement.
CBW 3 step programme
CBW can help your business comply with auto enrolment by following our 3 step programme:
- Step 1 – An initial report and implementation plan for your businesses
- Step 2 – Implementation support
- Step 3 – Ongoing governance and compliance
Historically, employers were given a staging date which was well in advance of their automatic enrolment duties start date. This gave employers time to prepare and take advice on their obligations which included but was not limited to:
- Assessing the workforce including any self-employed individuals to understand whether they should be in the pension or not
- Review their existing scheme to understand whether it meets all of the criteria of a Qualifying Workplace Pension Scheme or select a new scheme
- Prepare a communication strategy to employees confirming how this will affect them and their options going forward
- Test payroll to ensure it is calculating pension contributions on the employees’ pensionable salary
- Update HR systems and make any required changes to the pensions section on employment contracts
- Automatically-enrol eligible employees into the pension scheme
- Register the scheme with the Pensions Regulator
- Keep scheme records including opt out reports
Since October 2017, all new employers must have a Qualifying Workplace Pension Scheme and write to their employee/s within six weeks of their employment start date. Newly formed employers therefore need to take action immediately.
If you intend to employ someone or already employ one or more employees and have not complied with your automatic enrolment duties, please feel free to contact our Auto-Enrolment department on 0207 309 3901, or email Phil Harrison.