On Track with Pensions Auto Enrolment?
February 24, 2015
At the end of last year more than 5 million people were automatically enrolled into a pension scheme as a direct result of Auto Enrolment.
Here are seven myths about Auto Enrolment:
- It is a low priority for organisations
- It is merely a compliance exercise
- Three to six months is more than sufficient to plan and implement Auto Enrolment
- It requires only minor tweaks to systems and processes
- Organisations with existing pension provision will not need to make any changes
- You need to be a pensions expert to implement it
- Most employees will opt out of Auto Enrolment
Time management is the key to AE success.
Implementing AE is often more difficult for smaller organisations.
Here are 5 questions an organisation must answer:
- Timetable: Have you allowed sufficient time to plan and implement all of the changes required in advance of the staging date? (This is the date AE duties come into effect for you)
- Planning: Have you reviewed your existing provision to understand whether it qualifies for auto enrolment or whether you will need to make significant changes?
- Team: Have you received input from all the appropriate teams and individuals across your organisation?
- Communication: What is the most appropriate way to communicate changes as a result of auto enrolment to employees in your organisation?
- Implementation: Have you reviewed all the options open to your organisation to assess what best suits your needs?
Not staging yet? You’ll soon receive a letter from The Pensions Regulator (TPR) to let you know your staging date and what you need to do next.
Cumbria CVS and Right Balance Accounting are actively engaged with payroll clients to make AE a success:
- Gathering the relevant information
- Advising of staging dates
- Keeping everyone informed
If you also want our help, contact us: 01768 800350 firstname.lastname@example.org
Right Balance Accounting