Preparation, preparation, preparation

Employers that fail to automatically enrol workers into a pension scheme could face fine of up to £10,000 per day.

That kind of money can be crippling to a company so it’s vital to make adequate preparations. Here at DTE, our accountants in Bury can take some of the strain away from planning for auto enrolment with our payroll outsourcing service. Many employers have already sought out the help of DTE and have alleviated some of the pressure.

Take a look at our outline of Auto Enrolment and what you need to do as an employer:

Every employer has to enrol workers into a workplace pension scheme who match the following criteria:

• Are not already in a qualifying pension scheme
• Are aged 22 or over
• Are under State Retirement Age
• Earn more than a minimum amount
• Work in the UK

All companies will have to auto enrol qualifying staff into a pension scheme by 2017 and this will depend on your staging date.

There is a lot to consider and there are many processes that need to be completed before employees are enrolled in a qualifying scheme. These include:

• Identify your staging date
• Decide whether the staging date is to be brought forward or to use postponement
• Identify the pension scheme for automatic enrolment
• Put the required administrative procedures in place
• Set up payroll to make the payments
• Have adequate record-keeping processes
• Register with The Pensions Regulator

There are a dozen other more steps and processes that need to be completed in time for auto enrolment and it’s recommended that these are staggered over an 18 month period. Here at DTE, our accountants in Bury can handle this for you, leaving you with more time to focus on the day to day running of your business. Contact us today to find out more information.