Pensions Auto Enrolment

What’s All the Fuss About?

There has been a lot in the press about Auto Enrolment, including headline news about the millions of people that have now joined workplace pension schemes since it was introduced in 2012.   So what’s it all about?

The state pension pot isn’t big enough to pay pensions to all workers in the UK, and so the Government is trying to “encourage” more people to save for their own retirement rather than relying on the state.    In the past, many workers missed out on valuable pension benefits, because their employer didn’t offer them a pension but auto enrolment has changed this.

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 have either a staging date or, (for new employers) a duties start date from The Pensions Regulator.  As an employer, you will need to check if you have staff who will need to be put into a pension and you will need to choose a qualifying pension scheme and make contributions.

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.

If you have already completed your auto enrolment and are continuing to assess and inform your workers every time you process your payroll, then the next deadline is re-enrolment.

Every three years – on the anniversary of your original staging/duties date, certain members of staff must be put back into an automatic enrolment pension scheme.  This is called re-enrolment.

The work involved will vary depending on whether you have staff to re-enrol or not.  Either way, you will need to complete a re-declaration of compliance to tell The Pensions Regulator how your duties have been met. We have 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.

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Mar 19

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Dodd & Co have been our company accountants for around 18 years. Our principal contact is Alan McViety a Partner with Dodd & Co. I believe in robust financial management for our business therefore Alan and I have worked very closely throughout that time, meeting at least monthly producing MMI and developing forecasts and forward projections. Alan has always been very professional, responsive and understands our business very well allowing him to engage in meaningful discussion and provide considered advice. We use Dodd & Co for all financial matters and this regularly includes VAT and Tax Planning specialist advice which we receive from Faye Armstrong (VAT Partner) and Dean Johnston (Tax Partner) working alongside Alan, Faye and Dean are really good to work with, again they ensure they understand the particular matters and objectives clearly from the outset ensuring they can deliver the right solution or options which are always substantive and clear. I believe business is all about relationships and on personal experience can highly recommend Dodd & Co to be really nice people, highly professional, very responsive, they afford great care to their clients and take pride in their work and the advice & services they provide.
-- Martyn Boak, Northern Developments (Cumbria) Limited