pension auto enroLment
Well to start with it is important you know exactly what you want to achieve; whether it’s just about compliance and meeting your duties or you want to add value by providing more than the minimum requirements. The answer to this question might be different for separate groups of employees. You can't avoid the legislation. The reality is that just like PAYE, VAT and NIC, Auto Enrolment is another compliance requirement you will need to deal with and, like the other compliance requirements, there are punitive fines if you don’t. Chances are you will need help. Help to understand what the legislation requires you to do. Help to understand the options you have. Help to assess the costs of Auto Enrolment and how to minimise those costs. Help to assess your current arrangements and resources to see how they can be utilised to meet your obligations. What does it mean? What do you have to do? hoW do you do it? hoW much WiLL it cost? Where do you start?
Help to put together your solution. And help to deliver that solution to make you compliant both at your staging date and on an on-going basis. At Tenet Employee Benefit Solutions we provide a solution that will help you to proactively deal with your forthcoming obligations, establish a straightforward project plan and turn what could be problematic into a manageable, efficient and undisruptive process. Most of all, we can reduce the distraction of Auto Enrolment to your business, reduce cost and resources that would need to be applied if you were doing it yourself, and give you the assurance you will be compliant. Sounds simple, doesn’t it? That’s because Auto Enrolment is our specialist subject and we do all the work behind the scenes to make it as painless as possible for you.
Why do you need heLp With auto enroLment?
Complying with Auto Enrolment is not a straightforward process to implement and it can take 12 months to work through the detailed pension scheme requirements. It’s not surprising when you consider that, in addition to a review of pension arrangements, it involves reviews and analysis of payroll systems, employee categories, IT systems, Terms and Conditions of employment, and various HR policies. It’s not just about time though. An announcement from the Pensions Regulator indicated that it is investigating over 500 of employers which have already been through the process about their compliance with the legislation and has indicated that it may take enforcement action regarding non-compliance. The financial penalties for non-compliance are significant but it also serves to highlight the complexity of complying with the legislation.
Questions you need to ask yourself: n Have you chosen a pension scheme yet?
n What software are you going to use to manage your scheme, ensuring leavers and joiners are catered for? n How will it work with your payroll processes and software? n Which of your workforce will need to be automatically enrolled? n Which of your workforce can request to join your pension scheme? n How will you communicate with your staff? n What help can be provided by professionals to help you meet all the requirements of Auto Enrolment and ensure you’re compliant?
Made with FlippingBook - professional solution for displaying marketing and sales documents online