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Workplace Pension Compliance – 5 Essential Tips

Posted on May 19, 2015 in Articles & Frank Taylor & Associates

Top 5 tipsWorkplace Pensions is quickly becoming the biggest topic that UK businesses are facing. With big fines for non-compliance it is vital you have a plan of action. You are on the right track when you know the answers to these points.

  1.  You know your Staging Date and have started to implement a scheme at least 15 months ahead of this date
  2. You have had all your employees assessed to see if they quality for Auto Enrolment
  3. You have received a written proposal detailing what is involved in running a compliant Workplace Pensions scheme
  4. You understand that using Salary Exchange can mitigate your costs in running you Workplace Pensions scheme
  5. Your scheme provides all the ongoing automated communications so that when an employee’s situation changes you remain legally compliant

Many clients assume this is being managed by their accountant or payroll provider, but as this matter relates to pensions most are not qualified to deal with this matter and you are the one legally responsible to implement a scheme.

If you are unsure where you stand and want to find out more about workplace pensions you can here.

By way of background, auto-enrolment is part of a Government initiative to increase private retirement savings within the UK. It is the process where all eligible employees are automatically enrolled into their employer’s qualifying pension scheme if they meet certain criteria:

  • They are aged between 22 and State Pension age
  • They earn more than £10,000 a year
  • They work in the UK

For a limited time you can reserve your enrolment place for FREE so long as your Staging Date is after October 2015. There is only space for 100 businesses and the deadline to register is 30 June 2015 – but this offer will be withdrawn when we get to 100 clients.

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