The tidal wave of small businesses going through Auto Enrolment has now started with the peak being next year in 2016/17.
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 will start by asking their accountant 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 – Brightpay works with the providers shown below, does your payroll?
In addition you will need to work on elements of the Project Plan such as Assessing the Workforce, Letters to Employees, Considering Postponement etc