Automatic enrolment is one of the biggest changes to pension provision in the
UK for generations.
The Department for Work and Pensions has predicted that,
from October 2012, between five and eight million people will either become
new savers or save more in workplace pensions. The landscape of pension provision
is set to change radically with extra contributions of £9 billion annually from 2020.
Have you . . .
Established your staging date? This is the date by which your business has
to start automatically enrolling eligible workers into a qualifying workplace
pension scheme and is determined by the size of your largest PAYE scheme
and its PAYE scheme reference.
Analysed whether the new regulations will mean an increase to your
staff costs and budgeted for any increase in costs? If you have less than
100% take up of your existing pension scheme, or you do not have one, you
may need to put aside additional funds to meet your duties.
Assessed your workforce? You need to categorise your workers and
pinpoint who needs to be automatically enrolled into a qualifying
workplace pension scheme.
Reviewed any current pension arrangements and identified if they meet
with the automatic enrolment regulations? You may need to make changes
to an existing scheme or create a new scheme to ensure you comply.
Assessed alternative options, so that you can be confident you have
the right qualifying workplace pension scheme? If your existing pension
arrangements do not currently meet the qualifying workplace pension scheme
criteria, you may need to seek an alternative.
Planned and allocated the resources to set up a qualifying workplace
pension scheme and to run it? You need to decide who is going to establish
and run your pension scheme. Do you have the experience, the time and
expertise to do this in-house? Have you ever done this before?
Will you . . .
Need financial advice? Professional financial advice will help to ensure you
make the right financial decisions and meet the requirements of legislation.
Need to outsource to third party administrators?
Please contact us for further infomation