Are You There Now With Pension Enrolment?

Jun 2, 2016

You should by now have received a letter from the pension regulator explaining what you need to do and the time scale of events.

Register a point of contact with The Pension Regulator (TPR). This can be done online at http://www.thepensionsregulator.gov.uk/being-a-point-of-contact.aspx . You will need your PAYE reference and the code off the letter from the pensions regulator to do this.

You will need a qualifying pension scheme setup in advance of your staging date. We can advise someone to contact you to help with this.

Communicate the changes with your employees in writing.

All staff need to be assessed to see what scheme they are to be enrolled in.

Work out the costs to your business and budget for them.

Automatically enrol your eligible job holders. All eligible staff must be enrolled and they have the ability to opt out. It is not the other way around.

Rules on staff who are in an existing pension can be a bit complicated so seek advice if this applies to you.

Ongoing

You need a system to constantly evaluate existing staff and their eligibility plus new staff joining.
There are complications and administration issues regarding variable payments that could be made such as commissions, wages, bonuses etc.
If new staff join, letters need to be sent to the new staff members concerning the scheme.
Payment schedules need to be set up with the pension companies to take the monies.
Deductions made off staff payroll need to have the corresponding cost for the company matched to the payment. This additional work we will cover as part of your accounting work. In our experience, matching deductions to direct debits taken by the pension companies can cause a lot of extra administration.
Be wary of staff leaving and ensure that pension payments made by direct debit are cancelled immediately.

Failure to comply could result in the TPR issuing you a penalty notice which would be £400 with an escalating penalty notice of £50 to £10,000 per day depending on the number of staff. The S4B Team

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