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Auto Enrolment Update

The clock is ticking for businesses, with auto enrolment just round the corner for larger companies you must make sure that you are prepared.

There is good news for companies with less than 50 workers, they will not have to auto enrol before June 2015 giving them longer to prepare.

Companies with between 50 and 249 employees will begin auto enrolment from April 2014.

However if you fall into the other categories the dates remain the same (see http://www.dwp.gov.uk/docs/staging-dates-by-employer.pdf for more details).

Don’t sit on your laurels though, preparation will be time consuming and it is better to be ready sooner rather than later!

You need to think about your payroll, whether this is done in-house or outsourced you need to ensure you have plans in place to make changes to your existing structure.

Also, your strategy needs to include cost control, enrolling new members into your structure will increase costs. So review your contribution structure and plan ahead.

There is a phased introduction to the level of pension contributions so you may wish to use this opportunity to help reduce the immediate impact to you and your employees.

There are many legal implications in non compliance with the auto enrolment regulations, for more help in planning your strategy please contact info@simplehr.co.uk.

 

 

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