Automatic enrolment pensions have arrived, and very soon they will be affecting businesses like yours. If you’re doing your payroll in house that means you need to find out your staging date (this is the date that auto enrolment will kick in for you), think about an appropriate pension scheme and make sure you have all the relevant information ready to send out to your employees. There are a few key facts you need to be aware of when you’re thinking about auto enrolment:
- Your staging date (the date auto enrolment kicks in for you) is decided by the number of employees in your largest PAYE scheme on 1st April 2012
- You have a pensions obligation to all employees, even if they don’t qualify for auto enrolment
- You have to register with the Pensions Regulator even if none of your employees qualify
- There are some pension schemes (like NEST, NOW:Pensions and The People’s Pension) that have been set up specifically for auto enrolment
- Unlike other workplace pensions, auto enrolment means that the employee should not have to make any decisions about their pension – that means that everything is down to you.