Pension auto-enrolment and the new workplace pensions rules are now affecting smaller companies. Clayton & Brewill's Nottingham auto-enrolment team can help to steer you through the process to minimise its impact upon your business.
Pension auto-enrolment – coming soon to a business like yours
The aim of auto-enrolment is to encourage individuals to save for their retirement and, under the regulations, all businesses will ultimately need to make a minimum pension contribution of three per cent per eligible employee. Research by Clayton & Brewill’s payroll team has shown however that fewer than one in five small businesses have a pension scheme in place, and that only a handful of these comply with the auto-enrolment requirements. Add to this the capacity problems being experienced by many pension providers and we recommend that employers start planning at least 12 months ahead of their staging date.
When is my staging date and what do I need to do?
The staging date for your business will depend on the number of eligible employees. If you have your PAYE reference to hand, you can find out your the staging dates here. Once you know your staging date you then need to make a plan to:
- Assess your workforce for eligibility to calculate how much each should contribute and who is in and out of the scheme.
- Review your existing pension arrangements for suitability and compliance.
- Assessing your payroll software for its suitability to handle contributions and deductions.
- Establish a clear communication plan for staff, including reviewing employment contracts to accommodate pension changes.
Useful auto-enrolment blog posts from Clayton & Brewill
From how to postpone your auto-enrolment staging date through to top tips on getting your business ready, Clayton & Brewill’s blog posts are worth a quick read.
- Can I postpone auto-enrolment for my business?
- Communicating with staff – what to do if you have workers who can’t read
- Dunelm case highlights the need to take auto-enrolment seriously
- Pension auto-enrolment in numbers
- Auto-enrolment staging dates
- 13 top tips on preparing for pension auto-enrolment
Auto-enrolment help and advice
Clayton & Brewill’s specialist payroll team can help you to work out how best to tackle auto-enrolment and guide you through the steps you need to take.
For help with pension auto-enrolment or any aspect of your payroll requirements, please email Sarah Pownall or call 0115 950 3044.