Some of members have provided the following guidance and help on Pension Auto-Enrolment
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Executive Advisory Services
Auto-enrolment is a process introduced by legislation that employers must follow. You will be required to automatically enrol your eligible workforce into a qualifying pension scheme and make contributions to it. These regulations may present employers with problems. The legislation comes into force later in 2012 and will change the face of workplace pensions forever. Some helpful sites are;
Members of TEAM should log in and go to TEAM Documents (Pensions Reform) in the Members area of the website for a guided tour of Auto-enrolment and what it means for you and your company.
A summary of the issues you may face are as follow:-
- If you already have a pension scheme in place, do you know if it will qualify under the new rules?
- If you do not have an existing scheme you will need to introduce a “qualifying scheme” from the many that are available – what are the implications of your choice and can you get it wrong?
- How much involvement do you want to have with the day to day running of your pension scheme?
- You will be required to contribute to this scheme and will need to factor this in to Company budgets and pay negotiations over the next few years, what will the cost be?
- You will need to assess your workforce as not everybody will qualify to be auto-enrolled into your new scheme, how do you do this?
- You will need to introduce systems to ensure that as somebody becomes eligible they are auto-enrolled promptly.
- People are allowed to Opt Out of the scheme, if they do, you will need to opt them back in on a regular basis and have the systems in place to monitor this.
- There are special rules for Agency workers and you may need to adapt your business model accordingly.
- You will need to register with The Pensions Regulator and keep accurate records to prove all of the above.
There are large fines for non-compliance with the rules and The Pensions Regulator has made it clear that you will be expected to implement them lawfully and effectively
Click here for more information on Auto-Enrolment.
Alternatively to speak with Executive Advisory Services now call 01628 532320 and ask for Adrian.
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