Auto enrolment in workplace pensions is being rolled out from November 2015 but employers must act much sooner to ensure that you are fully ready for your “staging date”.
Coalesco does not provide auto enrolment services ourselves but is keen to ensure that everyone complies effectively and cost-effectively with the legislation so are working with a trusted partner to help you meet your new obligations.
What do you need to know about the new auto enrolment workplace pension duties? Are you ready?
- Your “Staging Date” for auto enrolment is the date at which you must comply with the regulations – do you know when it is?
- Every employer must comply – do you currently have a Workplace Pension?
- Do you know your obligations as an employer? Have you prepared your employees for the change?
- Do you know how you are going to fund the scheme contributions? Are you equipped to collect contributions from your employees?
The Pensions Regulator recommends that employers should start to set up their scheme 12-18 months before their staging date to ensure that their scheme is suitable and running on time.
The earliest date that you will be staging is November 2015 which means that:
- You need to make the announcement to your staff in early 2014.
- The latest you need to submit your request to the preferred provider is November 2014.
According to a recent survey from the University of Nottingham, just 12% of business owners surveyed said they were already fully prepared for auto enrolment. At the same time, demand means that some pension providers are already turning away potential Auto Enrolment schemes. So you really do need to start to plan now.
If you would like to know more about the support you need to implement auto enrolment, please contact us directly.
Auto enrolment workshops
We run occasional small workshops in Wollaton, Nottingham for business owners who want to know more about how the changes will affect their business. If you are interested in attending one, please complete the form below.