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The Pensions Regulator has made it clear that they will not accept any excuses and it is essential to have a foolproof process in place to make sure this happens. This will often be difficult with information coming from several different sources – your payroll, and one or possibly more pension schemes as well.


How complicated is it?


If your work force is salaried and reasonably stable the new regulations should not be too onerous.


However, if you employ casual labour, seasonal staff or have employees with fluctuating wages at first glance it looks like complying will be complicated. In these circumstances it may be necessary to assess your workforce once a month to ensure that any staff that become eligible are auto-enrolled within the permitted timescales.


How much do you care?


A contentious point but the Government is ultimately placing some responsibility for employee welfare firmly at their employer’s feet. Realistically when times are tight many of you will merely want to do enough and no more.


But even for those that do not opt out immediately, the rate of savings needed to provide an adequate lifestyle


Auto-enrolment key facts


1. Know when you need to act – find out when the changes start for you (your staging date). 2. Start the planning process:


– Know which staff this change applies to


– Review your pension scheme if you have one already to check it is suitable – Set up or join a new pension scheme if you don’t have one


3. Decide who is responsible for communicating and implementing the changes: – The employer duties will typically effect Payroll, Finance, HR, IT – Put a plan in place to ensure you comply in time 4. Communicate the changes to your staff.


How Old Mill can help 1. With our dual role in Accounting and Pensions we are ideally placed to oversee the changes your company needs to make and ensure you comply with the regulations initially and on an ongoing basis.


2. Ask us for an impact report which sets out the duties and dates for your company. 3. Review your existing pension scheme 4. Set up a new pension scheme 5. Outsourced payroll services


It’s already started


You are already subject to this legislation. It is already law that you cannot be seen to discourage people from joining the pension and there are penalties for anyone caught doing so. The implications of this are wider than originally thought and will even apply to people you are interviewing for roles and not just your staff!


In summary


At Old Mill we understand why the new legislation is necessary, but the rules seem complex especially for smaller firms and impose more work on firms when many are working flat out to keep their heads above water.


But there is not a choice and we are here to help you meet your obligations. If you have any questions or would like to talk to us about the new rules or our services speak to your usual Old Mill contact.


will not be provided by the minimum savings levels prescribed. Of course you may not believe this is your responsibility but if you are looking to attract, motivate and retain the right staff then we are able to advise workforces as a group or individual basis to educate and encourage good savings behaviour to provide enough in retirement.


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