Keep on-side with the Pensions Regulator and ensure you cover all the due diligence required for auto-enrolment.
As Auto-Enrolment for small businesses draws ever closer to being a reality I, in conjunction with my accountancy Institute, have linked up with the multi award winning Henry Tapper and his team at The Pension Playpen to help clients through the Auto-Enrolment Due Diligence maze.
Henry and his team will cover all the due diligence necessary to work out which staff are Eligible or Non-eligible, they will provide a report of all the workplace pension providers that will offer you a scheme and finally they will provide all the necessary Certificates and Reports that will prove to the Regulator and the STAFF that the scheme complies and that you have made the choice in a correct manner.
One important point to remember is that it is not just the Pensions Regulator that employers are answerable to it is also their staff who have a right to expect that their contributions are being safeguarded and that the choice of the pension provider has been made in a correct way and not just based on cost or ease of use.
The Dales Accountancy Service – Payroll Bureau
If you use my payroll bureau service, my systems are ready for auto-enrolment. I will also happily assess your workforce for free if you are a client (doing your own payroll or using my payroll bureau) as required in stage two of the auto-enrolment compliance below.
Planning for Auto-Enrolment
One – Register with the Pensions Regulator
It is important that you nominate someone from your organisation to be the main point of contact on all auto-enrolment matters. The primary contact must be the most senior person within your organisation. A secondary contact will be the person responsible for implementing auto-enrolment.
Two – Assess your workforce
If you have staff on PAYE it is very likely that you will have to enrol at least some of them. Use The Pension Playpen’s free Workforce Assessment to see how your workforce is divided between Eligible jobholders, Non-eligible jobholders and Entitled workers and the cost of contributions into the scheme for each category. All these calculations are done for you and all you need to do is input some basic data into their system. Should you then decide to proceed with Pension Playpen’s ‘Choose a Pension’ service this data will be pre-loaded. Note that all of your information which Pension Playpen hold will remain secure and fully confidential.
If you wish to assess your workforce yourself for free register with The Pension Playpen
Three – Choose a pension
Pension Playpen have researched the market for workplace pensions and considered the differing requirements of each pension provider. Their system analyses your data and will quickly match you with those workplace pension providers willing to offer you a scheme. There is a charge for this service but you only need pay after we have confirmed how many providers are willing to offer you a quote.
Please note that if you are a Dales Accountancy Service client the charge is substantially discounted due to the volume that my Institute and it’s members put through, so please talk to me to get your discount code.
This can be done through The Pension Playpen
Four – Integrate your payroll
Setting up auto-enrolment into a new pension scheme might lead to other complications like integration with your payroll systems or with the providers own systems used to manage contributions. These issues are best addressed early on. Pension Playpen will help you with the questions you need to ask of your payroll system provider and chosen pension provider.
The Dales Accountancy Service payroll bureau system integrates with most pension providers.
Five – Auto-enrolment compliance
You can use Pension Playpen’s service to choose a pension with no obligation to purchase a scheme from your chosen provider. After you have chosen a scheme they will give you a package of reports and an Actuarial Certificate to confirm that your chosen scheme will comply with the rules and regulations for auto-enrolment and minimum terms required by the Regulator.
This can be done through The Pension Playpen
Six – Implementation and beyond
Auto-enrolment does not finish once you have made your first contribution. You will need to continue to pay regular contributions into the pension scheme, monitor the age and earnings of all staff and any new staff joining, process any opt-in, joining or opt-out requests, keep and maintain accurate records and re-enrol every three years. Once your systems have been set up this will need to operate just like real-time PAYE and as part of your usual business process.