October 2017 marked the fifth anniversary of auto-enrolment. So far, more than 8.5 million people have been enrolled, many of whom will never have saved in a pension before.
From the beginning of October, if you begin employing staff for the first time you will need to offer a pension scheme from day one.
How has this changed?
Previously, new employers have been given a ‘staging date.’ This future date gave the new employer time to address their auto enrolment duties. Now, your workplace pension duties commence from day one of employing the member of staff.
From October, staging dates will no longer be given out as the next phase of auto-enrolment kicks in. The outstanding staging dates already given out, are expected to be completed by the middle of next year.
What do I need to do?
When you are about to employ a worker for the first time, there are various things to consider, such as determining whether you need to register as an employer with HMRC or taking out liability insurance. Getting ready for auto-enrolment is another of these steps.
You need to:
• Choose a pension scheme (or check your existing one.)
• Work out who to put into a pension scheme
• Write to your staff.
• Declare your compliance.
In addition to our efficient and cost-effective Payroll services we offer support with auto enrolment. We help people comply with their pension duties and deal with the necessary administration. For more information, contact our friendly team on 01509 816150 or via the form below: