Automatic enrolment – Is your business ready for the challenge?
The Government estimates that millions of people in the UK are currently not saving enough for their retirement. To help solve this problem, the Government has introduced legislation that means every employer will have a duty to put a pension scheme in place. You’ll also have to automatically enrol certain workers into the scheme and make contributions on their behalf.
This presents a huge challenge for your business. You’ll need to understand your automatic enrolment duties, the impact on your business and the changes you’ll have to make.
What it means for you?
Don’t under-estimate what’s involved. There’s a lot for you to think about.
- Does your current pension arrangement qualify as an automatic enrolment scheme?
- How will you communicate with your workers and ensure you get the right message across?
- Have you considered the additional administration and cost involved in meeting the new requirements?
- Will your existing payroll process needs to be altered?
- Will you be able to cope with the additional administration burden?
- Will you be able to put new processes in place and comply with record keeping and reporting requirements in time?
- How HR can communicate Auto Enrolment, what it means to them and what will change simply and effectively.
- What the Company and HR can do to proactively and efficiently manage communications.
- How to formulate a clear plan of action which keeps your managers and staff informed as the Company approaches implementation.
How we can help
Our consultants can help guide you through the process of ensuring your business complies with the new rules and regulations
- We can work out your staging date. This is the date your employer duties will start.
- We can review any pension schemes you have in place to find out what you have to do to make it suitable for automatic enrolment.
- We can review your workforce to help you understand what your new duties will be.
- We can advise you on ways to save money and offset the cost of automatic enrolment, for example by phasing in changes now or by introducing salary exchange.
The next steps
The sooner you act the more time you’ll have to consider what options will suit your business. Contact us now for details of how we can help.