7 Steps to Auto-enrolment
Careful planning for auto-enrolment is essential in order to be able to comply with the new legislative requirements in a manner that is appropriate to the needs of your business and your employees.
We set out below 7 steps to successful auto-enrolment.
Know your staging date.
The first thing you need to know is when the legislation will apply to your business. You don't want any surprises so check your staging date. If you’re not sure of your staging date we’ll help you figure it out.
Assess your workforce.
The requirements do not just apply to full-time permanent employees. Temps and casual workers also need to be considered. We will provide a comprehensive assessment with detailed advice and analysis to ensure that you have the right plan in place to give you peace of mind and security.
Review your pension arrangements.
You will need to review any existing pension arrangements. Existing schemes may be used for auto-enrolment, but may need to be amended. Alternatively, a new scheme may be required.
Make sure you are ready
You should have your plan in place at least 3 months before your staging/implementation date. We will help you roll out and implement your plan, ensuring you are exactly where you need to be when you need to be there. If, however, you have left it until the last minute, let us know and we will help you get back on track.
Ensure everyone is connected.
Implementing these important changes requires many people to be involved. We will assist you with new procedures, liaise with HR, payroll and pension providers, help with all compliance and support, registration and reporting requirements and everything else in between. With Helm Godfrey, we’ll make sure that you have everything covered.
Ensuring that everyone is aware of their plan is a critical step in engagement and implementation. Not only that, but employers are required to provide certain statutory notices to their employees as part of auto-enrolment process within strict timescales. We’ll work with you on drafting and providing the right information at the right time, including employee education and staff seminars. We’ll give you peace of mind that you have everything covered, covered by a trusted adviser.
Launch - It’s time to auto-enrol!
Now that you have everything in place you can enroll employees. Ongoing monitoring is required and you must register with the Pensions Regulator. Employees who opt-out need to be auto-enrolled again every three years. Of course, we can help you with that as well.
There is much to be done in preparation, possibly including a fundamental review of a company’s pension, benefit and remuneration policy.
Employers will need to have a thorough understanding of the new duties and the impact on their expenditure, their workforce, any existing pension schemes and their HR and Payroll processes in order to deliver auto-enrolment on time in a way that meets the legislative requirements and controls the impact on the business.