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NEST reveals employers' dos and don'ts after one year of automatic enrolment
1 October 2013
In line with the one-year anniversary of automatic enrolment imminent, The National Employment Savings Trust (NEST) has published the top five “dos and don’ts” for employers, based on its insights into the challenges faced by employers who have staged so far.
Tim Jones, CEO of NEST, says: ‘Automatic enrolment has brought a radical change to workplace pensions, but it will rapidly become the new normal. Whilst the early stages have primarily affected large employers, the numbers of employers coming under the duties increase dramatically in the next few months. We all have to up the pace to be prepared for much higher volumes and to meet the challenges implementing automatic enrolment brings. ‘NEST is already working with over 1,000 employers for automatic enrolment. Our insights into their experiences have enabled us to develop some really useful dos and don’ts for employers still to go through the automatic enrolment experience.’ 1. Plan early – don’t underestimate how long it will take, talk to your payroll and other providers as soon as possible. 2. Assess your workforce to understand which of your workers are affected. 3. Communicate with staff clearly and early; engage and involve. Have a communication plan and involve all relevant departments in your business. 4. Examine systems (particularly payroll) to ensure they are ready and capable. 5. You may want help - you may want guidance from experts/external advisors. Employer dos (more details below):
1. Plan
NEST experience indicates that just over half (53%) of employers have spent more than 10 months preparing for the reforms with almost a quarter (24%) taking more than 16 months. Conflictingly, research from NEST shows that there are a number of triggers that galvanise employers into starting their automatic enrolment planning, namely:
When they are back from summer holidays It’s after their year-end (when they’re busy) They’ve completed another project (for example RTI) 1st January (start of calendar year)
‘Employers aren’t always leaving themselves enough room to implement automatic enrolment and may be placing unnecessary pressure on their business to meet their duties in time. Employers can register with NEST to receive countdown emails; these email reminders can help employers stay ahead of the game,’ says Tim Jones.
CIPP Policy News Journal
16/04/2014, Page 458 of 519
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