Plan-to-retire is a specialist in auto enrolment Doncaster.
With changes to government legislation surrounding work place pensions, it is important for employers to understand their options. Read our guide on how to get the most out of auto enrolment.
As an employer there is a lot to consider when it comes to auto enrolment ; auto enrolment is being phased in to all workplaces and must be completed by 1st February 2018.
Automatic enrolment makes it compulsory for employers to automatically enrol all eligible workers in to a workplace pension scheme, this will usually either be a defined benefit or defined contribution scheme.
Take a look at our top 5 tips for making it as easy as possible for you and your employees:
- firstly, identify those workers who will qualify for a scheme; not every employee will be eligible to be entered in to the scheme. check ages salaries and retirement ages, this is important as you may need to communicate at different times with different employees.
- Record all the data collected from above; some employees may not need to be entered in to the scheme right away but may need to be in the future. Keep records on employees files in relation to if they wanted to join the scheme, opt out and communication dates.
- Ensure any payroll entity is kept well informed about those eligible, when they are paying in and what you as the employer need to pay in.
- Make sense of what scheme would be best to enrol employees on to and how the scheme will be funded. Develop a starting date for when you will offer the scheme to employees; remember, you have until 1st February 2018 to do so.
- How will the scheme be managed? how will employees access their information with regards to the scheme?
What are your options for setting up your scheme?
There is more than just one option when it comes to you making the decision about auto enrolment. You can manage it completely by your self or you can have a third party manage it for you. Below is a bit more information about your options:
- do it your self– you are fully entitled to set up this scheme internally by your self, be sure to check that all requirements have been fulfilled properly; there are penalties for not complying properly with government regulations.
- Work with a financial adviser– You can enlist a financial adviser to aid you in setting up your auto enrolment scheme allowing them to take care of any compliance issues on your behalf ensuring your scheme meets all government requirements.
How can we help?
As an auto enrolment specialist in Doncaster, plan-to-retire can assist you and your business with ease in setting up your auto enrolment scheme. These are just some of the ways we can assist you in auto enrolment;
- We can analyse which scheme would work best for you and your company and the best way to fund this scheme
- We will can do presentations to all employees about the intended scheme and its benefits, their eligibility and how to opt out if they want to.
- We will work with a third party pensions provider on your behalf setting up the scheme for you and will work with a designated employee who will be the companies auto enrolment officer
- Working with us means we deal will all those potential compliance issues for you, giving you time to concentrate on whats important, your business.
For any questions on auto enrolment, please feel free to contact us
T: 01302 710273
for more information on auto enrolment visit- https://www.pensionsadvisoryservice.org.uk/about-pensions/pensions-basics/automatic-enrolment