Pensions auto-enrolment – 5 months to go
As lots of employers are finding out, there are many considerations to be tackled in light of the new regulations which impose a responsibility on all employers to auto-enrol their employees into a qualifying pension scheme before the employer-specific “staging date”, which will fall between 2012 and 2016.
Every employer will have to consider:
- Who on their payroll qualifies for auto-enrolment
- When they have to enrol them by (the “staging date”)
- How to administer the opt-in process
- What constitutes a qualifying scheme
- The provision of information to employees
- Processing opt-outs and refund
- Pensions Regulator compliance and other admin
- Record-keeping
- Additional cost burden management over coming years
- Prohibited actions and anti-avoidance measures
It is important to start thinking about this now if you haven’t already done so. Please contact Justine Riccomini, Senior Employment Tax Manager on 0131 558 5800 or email justine.riccomini@chiene.co.uk for further information.