Pensions Auto-Enrolment: The unavoidable issue
Auto-enrolment is now a reality.
Beginning from October 2012 employers of eligible workers have had to consider auto-enrolment and how to implement it.
Feedback from the major employers who have already auto-enrolled suggests that at least twelve months of preparation is required to manage the process.
What businesses need to ask themselves is; how is auto-enrolment going to affect us and our workers? Do we understand what we need to do? Do we have the resources to do it?
Enrolling and monitoring
Employers have many responsibilities under the new legislation:
- Analysing their workforce and defining them in line with the Regulator’s criteria at staging date
- Communicating with workers about auto-enrolment and how it will affect them
- Having a compliant pension scheme in place in which to enrol workers
- Processing enrolments and administering opt-outs
- Calculating and paying contributions
- Communicating with their pension scheme and the Pensions Regulator
- Continually monitoring their workforce to process subsequent enrolments/opt-outs as required by law
The process of implementing and administering auto-enrolment promises to be time-consuming and complex.
Contact us now for more information.