When do I have to be ready for Auto Enrolment? (2 of 12)
The first point of call for any organisation in regards to Auto Enrolment is to find the staging date which is relevant to them. This is the deadline by which the scheme MUST be in place and functioning and is dictated by the size of the business.
Welcome to the second in a series of 12 blog editions guiding you through everything you need to know about the process of auto enrolment; continuing with preparing for your staging date.
The pensions Regulator should write to you 12 months in advance to tell you your staging date, but don’t rely on this. A better option is to click on the following link and typing in your PAYE reference number right now:
What’s really important to stress here is that getting ready for Auto Enrolment may mean significant changes to your systems and processes including HR, Management, IT and Payroll so you need to begin planning 9–12 months before your staging date to ensure everything is in place come the day.
Here’s a quick glimpse of what is involved in Auto Enrolment:
• Eligibility Assessment of all employees
• Registration with the Regulator
• Ensuring compliance of any existing pension schemes
• Sourcing of new schemes
• Communication and management of the enrolment process for all employees
• Management of the opting out process
• Management of contributions
• Re-enrolment of opted out employees on a regular basis
• Keeping accurate records of all the above
Can you change your staging date?
Yes you can, you can bring it forward if you want, but I’m afraid you can’t put it back.
If you decide to bring it forward, you’ll need to inform The Pensions Regulator at least one month before the revised date.
You can also postpone some of your duties by up to three months so they fit in better with your business. The period you postpone for is called a ‘postponement period’.
If you do chose to postpone, you’ll still need to have a qualifying pension scheme set up and communicate this to your employees within six weeks of your staging date and of course you’ll need to advise the Pensions Regulator well in advance that you require a postponement period.
We hope you found this blog useful. For more information about auto enrolment, talk to the experts at Credius. You can visit our website www.credius.com/our-services/pensions-auto-enrolment/ or you can contact us directly by emailing firstname.lastname@example.org or call on 020 7562 5858 to arrange an appointment. Next Time: Before you begin — creating an auto enrolment project team