Workplace pensions & auto-enrolment
Workplace pensions and auto-enrolment came into effect in 2012 when the Government introduced mandatory requirements for employers to enrol their employees into a qualifying workplace pension scheme – without employees having to take any action.
These ‘Auto-enrolment’ Schemes are being staged over a 6 year period, with different staging dates for different companies. If you’re an employer, you can find your date by entering your PAYE reference number.
The auto-enrolment process
01.
Pre-staging
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Agree strategy (roles & responsibilities)
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Assess payroll compatibility
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Worker Assessment and categorisation
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Decide contribution rates and cost impact
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Select pension scheme
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Employee communication
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Provide key information
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Explore salary exchange
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Tax implications
02.
Staging
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Sign-up with a pension scheme
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System review and data cleanse
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Issue postponement notices
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Manage opt-ins and opt-outs
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Issue joining letters
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Employee communication
03.
Post-staging
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Employee communication
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Monthly administration record keeping
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Scheme analysis and reporting
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Annual review
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Decumulation advice
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Re-enrolment (every 3 years)
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