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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Dec 13

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I have been with Dodd & Co since I started my business in 2004 and have always been impressed with their professional, yet friendly service. They are calm, organised and have a great manner. My business is only small, but I still feel important and they always try to help me get the most out of my finances. As Market Sense has developed I have come to really value and rely on their input – they take the pain and hassle away from the VAT and HMRC and they have given me great advice on developing for the future. I have referred clients who are also very pleased with the service – and the afternoon tea at Penrith Show is much appreciated!
-- Tracey Errington