If you are an employer you can’t afford to mess up Auto Enrolment, the penalties are harsh!
Even a small employer will need 6 months to prepare and larger employers could take up to 18 months.
So what do you need to do before you stage?
- Find out your staging date, this the date when your obligation under Auto Enrolment will start, the Pension Regulator calculator is a good place to start
- Nominate a person to be the Pension Regulators key contact and register their name with the Regulator
- Draw up a Project Plan and consider whether you need help (60% of companies currently staging have decided they do need help! and most businesses use a service like www.business-accountant.com to help with project management)
- Choose a Pension Provider – Nest, Now Pensions and The Peoples Pension are the 3 largest
- Makesure your Payroll can provide the analysis needed
In addition you will need to work on elements of the Project Plan such as Assessing the Workforce, Letters to Employees, Considering Postponement etc
There is a lot to do and its complicated!