What is auto-enrolment?
Many employers now have to reconsider and alter employee pension and entitlement processes following new requirements set out by the government. Under auto-enrolment rules, all employers are obliged to sign their employees, both new and existing, up to a pension scheme. This removes the responsibility from the employee, instead giving them the choice to opt out, and encourages saving for their eventual retirement. All businesses employing members of staff must comply with these new requirements, carefully examine the criteria and implement changes where necessary.
How will it affect me?
If you have an existing pension scheme this may need to be modified, as well as payroll systems, to accommodate the changes. Where employees are not eligible for auto-enrolment they must still be given an option to join a pension scheme. You are also required to inform each member of staff about the new rules, what impact this will have on their pension eligibility and clearly outline all options open to them.
Planning and implementation
Our chartered independent financial advisers are available to work with you through every step of the process to ensure the transition is as smooth as possible. Once we have identified the date on which you need to begin auto-enrolment according to the size of your workforce (known as the “staging date”), our advisers will create an action plan which will ensure an effective and efficient transition. This will include, but is not limited to:
- Considering your current pension scheme and whether it is suitable for the new auto-enrolment requirements
- Providing guidance and advice on alternative schemes where necessary
- Advising employers on methods for identifying employees eligible for auto-enrolment
- Options for employees who are not eligible for auto-enrolment
- Communicating the new requirements and the impact this will have on your employees in an effective and engaging manner
- Implementation of smooth, continuing auto-enrolment processes
Monahans Wealth Management can help to make your auto-enrolment journey less disruptive to your business, keeping administration to a minimum whilst ensuring that you remain fully compliant with all the regulations.
To find out more call (01225) 785570 or send us an email.