SMEs

Nigel Simmons

April 27, 2018

Recruiting more staff? Here’s a cute 11 foot monster you need to look out for.

Maybe you’ve seen the recent pensions regulator's ads for auto enrolment. The ones with the cute monster getting around in workplaces and annoying people.

It might be cute, but the legislation that is now in effect isn’t. Industry experts predict A LOT of businesses will get caught out by auto enrolment, with hefty fines in some cases. If your recruiting but haven’t had time to get your A.E sorted, now is the time to do it

What is automatic enrolment?

Automatic enrolment places duties on employers to automatically enrol 'workers' into a work based pension scheme. Those duties include:

  • assessing the types of workers in the business
  • providing a qualifying automatic enrolment pension scheme for the relevant workers
  • writing to most of their workers explaining what automatic enrolment into a workplace pension means for them
  • automatically enrolling all 'eligible jobholders' into the scheme and paying employer contributions.
  • completing the declaration of compliance and keeping records.
  • assessing the types of workers in the business
  • providing a qualifying automatic enrolment pension scheme for the relevant workers writing to most of their workers explaining what automatic enrolment into a workplace pension means for them
  • automatically enrolling all 'eligible jobholders' into the scheme and paying employer contributions completing the declaration of compliance and keeping records.

Seem a little onerous? That’s just the tip of the iceberg. In fact, there’s so much to cover here I’m going to be breaking each point down over the next few months to give you a much clear picture of what you’ll need to being doing from here-on out as your business expands and you employ more staff.

At this point though, you may already be thinking “How is it possible to keep on top of all this?” especially if you have staff numbering in the dozens or even hundreds.

Fortunately there are services available that automate a great deal of the process, including tracking each staff member’s A.E. status and sending them the required communications.

One this is for sure. If you’re hiring, you MUST make sure you’ve got A.E. squared away.

To find out more about how we work with growth focused SMEs, have a look here. Or you can call Acconomy on 01202 678 993, or even email Nigel directly on nigel@acconomy.co.uk

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