With each passing month, pension auto-enrolment for SME sized businesses looms ever closer. In short, pension auto-enrolment requires employers to enrol their employees into pension schemes that meet certain minimum standards.
The full consequences of all the necessary administration involved, such as getting the payroll system up and running, cannot be under estimated and this all takes considerable time and planning.
This guide looks at how you can make sure that your business is ready.
If you are a SME employing less than 50 employees, your staging date (the date at which you are required to start auto-enrolment) may be as early as 1st June 2015.
Your staging date can be found by entering the employer’s PAYE reference into a tool on the Pensions Regulator’s website (www.thepensionregulator.gov.uk).
To help you prepare and plan for pension auto-enrolment, we have devised some frequently asked questions below.
It is essential that your employees are familiar with auto-enrolment and that the systems are in place to go live by your staging date.
This takes time and planning, so preparing now is crucial.
For more employment and HR information, contact Ramshaw
By Bruce Ramshaw