Is your pension auto enrolment date looming or have you recently received a letter from the Pension Regulator? If so please see our guide below that should help you through this daunting process:
- Confirm your staging date by going onto the Pension Regulator’s site.
- Assess the age and earnings of your employees, this will help you decide if they must automatically be enrolled onto your company’s pension scheme or if they just have the right to join it themselves.
- If your company consists solely of directors who are registered as a director at Company’s House and who have no contract of employment, your company can be exempt from Auto Enrolment. To do this fill in a “Tell us you’re not an employer’ form on the Pension Regulator’s site.
- Produce letters to give to your employees explaining when your pension scheme is due to start and whether they are entitled to join your scheme. You can postpone setting up a pension scheme for a maximum of 3 months, but you must notify your employees, in writing, at least 6 weeks in advance if doing this.
- Find a suitable pension scheme and enrol employees on your staging date. The Government have set up ‘NEST’ a National Employment Savings Trust that employers can use for auto enrolment or you may wish to find your own scheme.
- Start to pay your employee’s and employer’s pension contributions.
- Finally within 5 months of your original auto enrolment staging date you must go onto the Pension Regulator’s site and fill in a ‘Declaration of Compliance’ form. This form states how your company has met their legal duties regarding auto enrolment.
If you require any further assistance give us a call and we will be happy to help you in any way we can.