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The introduction of Auto Enrolment legislation has meant big changes to the way that employees’ pensions are to be managed; and the legislation carries with it significant new obligations and tasks, such as:
Examples of these include:
- Identify an appropriate pension scheme – This is something you will need to decide on with the help of your Financial Advisor (if necessary)
- Initial assessment of your workforce for eligibility
- Continual assessment to identify changes of employee categorisation e.g. eligible, non-eligible and entitled
- Automatically enrol eligible job holders. For instance, when an employee reaches 22 years of age or when their pay reaches the right level in a pay period, they will automatically be placed into the pension scheme based on any postponement rules you may have in place
- Manage postponements both initially and for new starters and in service changes
- Communicating with employees about postponement periods, eligibility and opt-outs
- Communicating with pension provider about newly eligible employees
- Administration of opt-out scheme
- Enrolling non eligible job holders who choose to opt-in
- Automatically re-enrolling employees who previously opt-out at re-enrolment date
- Reporting contributions to pension provider in the correct format
- Reporting leavers to pension provider
- Retaining full records of pension calculations, payments and employee status
- And of course paying the contributions over!
If you haven’t already investigated your options you will find that most pension companies are not providing much in the way of “hands on” administration, leaving employers with the responsibility of managing it themselves.
In response, Peopletime are offering a fully managed Auto Enrolment service as we recognise that this additional requirement will need to be administered in the correct way, giving you complete Peace of Mind .
If you would like more information on the Auto Enrolment process take a look our free step-by-step guide.