This week we thought we would share our thoughts on how to effectively implement Auto-Enrolment into your business. If the process is managed with a clear head and a plan in mind implementing auto-enrolment is not a difficult task to achieve. As with most things in life proper planning ensures that the job is completed in the easiest and most effective way, and for Auto-Enrolment it is no different.
The main stages can be broken down into 9 compenent parts as follows:
Ensure that you are aware of when your staging date is. This can be found via www.pensionregulator.gov.uk and you will need your PAYE reference number to hand.
Develop an Auto Enrolment Plan. Make sure you allocate a person to be responsible for the process from start to finish. This will include obtaining information and communicating to employees.
Decide how you will deal with the day to day process of Auto-Enrolment. Does your software already comply? Do you need to invest in a middleware program? Can you deal with the process manually?
Look at your employees and start assessing them into the 3 main criteria (eligible jobholder, non-eligible jobholder and entitled worker)
If you already operate a company pension scheme enquire whether it is suitable for Auto-Enrolment. Don’t assume it is as this may not be the case.
Make sure that you communicate effectively with your workforce throughout the process.
On your staging date you will need to automatically enrol your eligible job holders.
Within 3 months of your staging date make sure that you complete your declaration of compliance online.
Finally, you need to continually to monitor your workforce and pay over to your workers pension scheme.
If you require any advice on how to effectively implement Auto-Enrolment into your business please contact us and we will be able to provide you with contact details of someone that can help.