Lovely letter from our MP @JamesFrith delighted that we raised money for Papyrus - preventing young suicide - at our Charity pub quiz.
Auto-Enrolment – Have you planned for it?
By now you will have come across all sorts of advice for auto-enrolment. We have put together the top 10 tips to help your company prepare for auto-enrolment.
1. Don’t leave anything till the last minute. Plan early to ensure there are no surprises – The Pensions Regulator’s advice is to start planning no later than 18 months beforehand.
2. Check your company’s staging date – if it’s less that 12 months away, you should have received a letter by now.
3. Update and understand your employment contracts – most businesses will need to review contracts and alter pension schemes. You also need to know which employees will need to be considered through auto-enrolment. Ensure all your employee information is up-to-date including contact details, national insurance number etc.
4. Register your scheme/s with The Pensions Regulator – all employers need to register their scheme/s with TPR within four months of the staging date. You will then need to re-register every three years.
5. Check that your payroll software can cope with the changes
6. Communicate with your employees – Consult with your employees so they know what is happening, especially if existing terms and conditions may alter.
7. Re-consider cut-off dates for overtime and commission – payroll will take longer with auto-enrolment.
8. Keep records for six years – employers need to ensure they maintain accurate records and an audit trail of pension and employee communication records.
9. Know your employees – when going through the auto-enrolment process make sure you include those on long-term leave.
10. Make sure you are ready to make the minimum contributions to eligible employees – ensure you have an administration process in place and constantly review your workforce and eligibility.
If this all seems a little overwhelming to you and rings alarm bells. Don’t panic, Northern Star can help you put in place a plan which suits you and your employees and will fully prepare you for auto-enrolment. Just give us a call on 01706 822 622