You may well already be aware of the new Pension Auto-Enrolment legislation. It simply requires all employers to enrol their workers into a qualifying workplace pension scheme if they aren’t already in one. In this way, more employees will have adequate retirement provision over the coming generations.
The legal requirement for Auto-Enrolment is some way off for smaller employers, but it’s a good idea to start planning now, rather than cram the hard work in at the last minute. If you’re already a Park City client, your consultant will be bringing this issue up in one of your next meetings. If you’re not a Park City client, this issue might be the ideal opportunity to engage with us – our team is ready with clear advice on tackling this issue which affects all employers and represents a major change to the way employee processes are managed forever.
Right now, you should work out
- the planned staging date for your organisation
- and the number of employees likely to be affected.
This is determined by the number of qualifying workers in your organisation and your PAYE Reference Number. You can find more information on the Pensions Regulator’s website.
Of course, it’s also worth speaking to your existing company pension provider as many are likely to institute or qualify pension schemes which are compliant with the new rules.