Rely on the support of our trusted business consultants throughout your workplace pensions process. Before, during, and after your staging date, our services will help you make sure that you are compliant with all new regulations with regard to your workforce’s pension scheme.
The significance of your staging date cannot be overemphasised. This is the date by which your workplace pension scheme must be active, and also the date from which the time for notification to your employees of their rights with regard to the scheme begins to run. If you fail to establish an active scheme by your staging date then you will be liable to substantial fines, including an immediate fine of £400 plus daily fines ranging from £50 to £2,500 depending on how many employees your business has.
There are three different categories of employee when it comes to their rights for automatic enrolment or otherwise. They are
In order for us to establish which scheme is appropriate for your business, we need to complete the above workforce assessment. However, there are a number of alternatives available to you, including:
What do you have to inform your employees about, when is this to be undertaken, and how do you do it? There are very strict requirements, and you must inform your employees of:
You will need to liaise with whoever is responsible for managing your payroll to ensure that the information provided to the pension regulator and your scheme provider is correct and that the contributions for you as the employer and your employees are correct.
You must keep all records for each employee for a minimum of six years and maintain records of all contributions ensuring that they are always available in the event of an audit by the pension regulator.