ANSTEE & CO AUTO ENROLMENT
The current law on workplace pensions requires every employer in the UK to automatically enrol eligible workers into a pension scheme and contribute towards it.
Employers across the UK will be affected by auto enrolment,
which has been introduced to help employees save for their future.
It will require ongoing management by companies to ensure they fulfil
their obligations to their staff and remain compliant.
The new legislation, which requires every employer in the UK to automatically
enrol eligible jobholders into a pension scheme and to contribute towards the
scheme, is being rolled out over a period of six years. The date from which it will
apply to your business (the ‘staging date’) being determined by the size
of the company and advised by The Pensions Regulator.
Under the new rules, even if you have an existing pension scheme you will need to take action. Anstee & Co can offer advice to help ensure that you can put a plan in place to cover the mandatory tasks employers must now undertake.
We’ll help you prepare for the changes you’ll have to make and detail your employer duties, which will depend on the types of worker you employ. These duties are not optional. The Pensions Regulator will check that you are fulfilling your employer duties and substantial fines may be levied if you don’t comply.
Following a thorough assessment to ascertain the needs of your business, Anstee & Co will prepare a report outlining our recommendations to help you comply with the new requirements.
We will do our best to ensure that you fully understand the processes needed to comply with auto enrolment and work with you to provide a timetable to implement them. Anstee & Co is well-versed in the requirements of automatic enrolment and is dedicated to providing a comprehensive service at a reasonable cost to assist your company in implementing your scheme.
Anstee & Co will be with you every step of the way to help you decide the best way forward for your business, backed by our experienced advisers and administration staff.
In summary, to prepare for automatic enrolment all employers will need to nominate a point of contact in your business to receive updates from The Pensions Regulator. This will ensure you stay informed regarding staging dates, keeping records, pension arrangements and the enrolment process for all of your workforce.
The current law on workplace pensions requires every employer in the UK to automatically enrol eligible workers into a pension scheme and contribute towards it.
Auto enrolment rules are onerous and sometimes complicated and will pose a challenge for many businesses.
The team at Anstee & Co is highly experienced in the area of automatic enrolment. We can offer independent advice on every aspect of this complex process to help ensure that you can fulfil your obligations to your staff in an efficient, compliant and cost-effective manner.
Anstee Auto has been created to help companies prepare for the changes automatic enrolment will bring. Below is an outline of what will be required from you as an employer.
Automatic enrolment has been introduced by the Government to help people save for their future and requires all UK employers to implement a pension scheme for their eligible workers.
Your company will need to:
• Nominate a point of contact in your business to receive updates
• Know your staging date and put a plan in place
• Assess your workforce
• Review pension arrangements
• Communicate the pension changes to your workforce
• Automatically enrol eligible jobholders into a pension scheme
• Register with The Pensions Regulator and keep records
• Contribute to workers’ pensions
A brief definition of a worker is:
An employee or a person who has a contract to provide work or services personally and is not undertaking the work as part of their own business.
An eligible jobholder is defined as follows:
• Aged between 22 and state pension age
• Working, or ordinarily working, in the UK
• Earning more than the current earnings trigger
Employers must write to all workers (except those under 16 or 75 and over) explaining automatic enrolment and what it will mean to them. The Pensions Regulator has a set of letter templates for this purpose available to employers, if required.
• Registration is mandatory and you could get fined if you don’t register in time
• Your registration deadline is five months after your staging date
• You must provide information about how you’ve complied with auto enrolment duties, e.g. how many people you’ve enrolled and into which pension scheme
• You must complete registration even if you don’t have anyone to enrol
• You must keep records (as defined by the regulator) of your jobholders/workers and your pension scheme