Following the new government legislation all employers will have to have an Auto Enrolment/Workplace Pension Scheme in force by 2018. Each employer has been given a staging date set by the government in 2012.
There are hundreds of employee duties to conform to and if they are not adhered to then fines are imposed on a daily basis until they are fixed. Below is a selection of duties you are required to fulfill when establishing a new scheme.
1. Know the deadline for action to have been taken 2. Assess the workforce and identify who to automatically enrol 3. Review the scheme design including contribution structure 4. Consider total pension costs and the impact on the business 5. Choose a pension scheme and consider the default investment option 6. Talk to payroll provider and update payroll processes 7. Communicate new scheme to employees 8. Register with The Pensions Regulator 9. Implement the scheme, including deducting and processing contributions 10. Process and opt-out notices
The employer’s responsibilities do not end there - the following ongoing work is also required
1. Process opt-in or joining requests 2. Assess eligibility of new employees and explain the scheme to them 3. Maintain accurate records of deductions and contributions 4. Avoid inducements and prohibited activity 5. Review ongoing suitability of selected scheme and answer any employee queries
We have conducted a review of the market and will help
you develop a solution specific to your business.
Assessing your workforce to give you the costs of implanting a scheme across all the various options
Providing terms for the pension scheme to see what is the best value to your business
Working with your payroll either internally or externally to create the best solution to assess members – every pay reference period
AE Software Solutions that work with your payroll
Setting up scheme with a chosen pension provider
Communications to all members
Presentation to members regarding the scheme
One to one initial meetings for each pension member
2. Ongoing Service – Unlimited Service for a Fixed Fee
Annual Employer Review
Default Investment Review
Member One to Ones each year
Looking after your employees is a key factor is ensuring
your business is as productive as possible.
We offer a range of employee benefits that can help enhance an employee’s overall package and benefits with a company, ensuring the right personnel stay with your company. This can significantly boost morale across the workforce.
They also offer a financial level of protection for employees, the company or family as well as looking after the health of your employees.