Friday, 14 March 2014

Help is at hand for Employers 

                        

Auto-enrolment affects YOU!!

You are no doubt already aware of the responsibilities you have as en employer with regard to auto-enrolment and may be considering your options as your staging date gets ever closer .

Whilst larger companies across the UK have already made their transition, it should be borne in mind that they have had the luxury of internal departments already dedicated to looking after this level of employee legislation. 

However, as the staging dates approach for SME organisations, feedback has highlighted that there is more than a little concern about the best approach to the thirty three new pension responsibilities for employers.  This is all balanced against the considerable fines placed on companies who do not comply by their deadline.

The key issues lie around the sheer level of work that is needed initially to establish the right kind of auto-enrolment scheme for your organisation which is then followed by all the requirements needed for scheme maintenance.

Had you considered that you will be required to do all of the following: 


Pre scheme introduction
  •  Categorise your workers into those who are eligible for the scheme and those who are not, being aware that this can change and that your categorisation needs to have a facility for change.
  • Consider the benefits of postponement as a potential  option for your company
  •  Make a pension scheme selection  - an area of expertise previously the domain of pensions professionals
Post scheme introduction
  • Communicate regularly with your employees regarding the scheme, where different employees will require different communications, many of which will be time specific.
  • Keep detailed records of your opted in and opted out employees.  Auto-enrolment for some staff members can be a movable feast in that there is not one set scenarios that remains the same for the length of their employment.  Someone who opts out, can opt back in and vice versa  and detailed records must be maintained at all times.
  • Manage your payroll to ensure that the correct contributions are payable for each employee at every payroll run.
  • Offer your employees the benefit of salary exchange in order to increase their pension pot.
If all that sounds complicated, please be assured that help is at hand!

As an experienced financial adviser Eden Financial Planning is able to offer you a solution that will ensure your scheme selection and onward management and maintenance is quick and efficient, having considerably less impact upon your time than attempting to manage the entire process on your own.  

Just ring 017683 42875 or email www.edenfp.co.uk

After all, surely YOUR energies are best spent managing YOUR business!

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