A new step-by-step guide to help small businesses get ready for their automatic enrolment duties has been launched by the Pensions Regulator.
The online guide, written specifically for employers with between one and 50 staff, explains how to complete key tasks such as knowing when to be ready, providing a point of contact for the regulator, checking who needs to be enrolled and creating a plan of action. It also contains information tailored to the needs of employers of carers and director-only companies.
The Pensions Regulator’s executive director for automatic enrolment Charles Counsell said: “We are determined to do all we can to reach out to all small and micro businesses preparing for their automatic enrolment duties. We want to make the process as simple as possible so that employers can avoid the risk of non-compliance.
“Our new online 11-step guide is a key part of a wide package of measures we are rolling out to give more than a million employers all the information they need, written and produced in a way that makes sense to them.
“Our message to employers is ensure you know when your automatic enrolment duties begin and start planning in good time.”
Around 1.5 million small and micro businesses will also receive letters from the Pensions Regulator in the coming months as part of a UK-wide campaign to alert employers to their duties.
The regulator said that most small businesses were expected to turn to their professional advisers for help with auto-enrolment and it will also be providing additional online information for advisers.
Milsted Langdon Financial Services offers a fixed price service to support businesses with their auto-enrolment planning and implementation, including a bespoke report, based on a detailed payroll analysis, which will assess:
- which method of calculating pension contributions costs is best for you
- how costs will build up over the next five years
- how much can be saved by paying contributions on a salary sacrifice basis.
The report will also cover:
- automatic enrolment scheme requirements
- when the changes will affect you
- what you need to do – and what will happen if you do nothing
- a workforce assessment, to identify which staff fall into each category of worker
- your duties as an employer for each category of worker.
Our fixed price fee is fully inclusive of all these services. The fee will depend on the size of your payroll but as a guide would typically be £1,500.
For more information on the service, or to arrange a free, initial, no obligation meeting to discuss how we can assist with auto-enrolment issues, please contact us.
Link: The step-by-step guide