Pensions Auto Enrolment

What’s All the Fuss About?

There has been a lot in press lately about Auto Enrolment (AE), including those “We’re All In” adverts, so what’s it all about?

AE newsletter

The state pension pot isn’t big enough to pay pensions to all of the workers in the UK, and so the Government (in line with other countries) is trying to “encourage” workers to save for their own retirement rather than relying on the state.  The Government are determined that there will be 4 – 8 million new “savers” in the workplace, which will create £10 – £15 billion annual savings by 2050.

So what does it mean for you as an employer?

As an employer, you now have a legal duty to automatically enrol your staff into a workplace pension if they meet certain criteria and you must comply with your duties as set out by the Pension Regulator including the timescales you must follow and how you communicate the changes to your employees.

The admin burden is being placed on the employers and all businesses with a payroll scheme will receive something called a staging date from The Pensions Regulator.  As an employer, you MUST have a qualifying pension scheme in place by your staging date and be able to make contributions.

For the majority of smaller businesses, the staging date is sometime in 2016/17, but we would encourage you not to just ignore this until a couple of weeks before your date, as it could take up to twelve months to get everything in place.

Developing an initial plan is vital and at Dodd & Co we have set up an Auto Enrolment Project Plan (AEPP) for our clients. Our auto enrolment specialists will work through your individual plan, explaining the decisions you need to make. We can also help set up a qualifying workplace pension depending on which scheme you choose. We will make sure you get organised in plenty of time.

We have also produced some jargon free ‘Doddie Guides’ to help explain the process to both the employer and your employees.

If you would like to receive a copy of our Doddie Guide to Auto Enrolment for either employers or employees or if you would like more information on how we can help you with your workplace pensions and automatic enrolment duties, please contact Julie Campbell or Anne Smith.

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Aug 22

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Dodd & Co has been employed as our business accountants for over thirty years.  During this time we have worked closely with Alan McViety who has advised us through the growth and diversification of our family business. They have always offered an exceptional personal service, which has made a real difference to our business and provided invaluable support.   I would describe them as efficient, highly professional and pro active in coming forward with advice and ideas. Over the years they have developed a great understanding of our business and I would highly recommend their services.
-- John Cannon, Cannon Hire Haulage