Over 1 million employers have now completed AE, but over the next six months there are still over 200,000 who will need to complete their duties and tell The Pensions Regulator how they have done so. If you’re one of these employers, don’t stick your head in the sand – AE is automatic for workers, but not for employers. You need to take action.
As well as assessing staff, enrolling them into a pension scheme, telling them what you’ve done and how it impacts them, you also need to let The Pensions Regulator know how you’ve met your duties by completing a declaration of compliance within five months of the date your duties started.
To help you work out your deadline, use The Pensions Regulator’s online tool.
Act now if you have missed your duties start date for automatic enrolment – don’t risk a fine.
If you’ve recently become an employer, but haven’t yet begun to comply with your automatic enrolment duties, then you need to take action now. It’s the law.
The Pensions Regulator recognises that most employers wants to do the right thing for their staff and we will work with them if they haven’t understood their duties or have been unable to comply in time. However, those who don’t comply by their deadline risk a fine – The Pensions Regulator will use its powers where necessary to ensure compliance. If you think you have missed your duties start date, find out what you need to do and when you need to declare your compliance by.
Make sure you’re ahead of the game for the April increases in contributions into workplace pensions
In April 2018, minimum pension contributions are increasing and you will need to know how these changes apply to you and your staff. Make sure you’re planning ahead so that you know what you’ll need to do for the increases and by when.
You will need to take steps to ensure that you and your staff are ready for the contribution increases and that these are reflected in your business plans. The increases should be simple for you to administer but early preparation is key. The Pensions Regulator has online information and guidance to help you including template letters to help you explain the increases to your staff.
Have you nominated your point of contact with The Pensions Regulator?
Throughout your automatic enrolment journey The Pensions Regulator will write to your nominated contact to provide you with information about your legal duties and helpful reminders to help keep you on track.
Research by The Pensions Regulator indicates that employers who nominate a contact are more likely to comply with their duties and less likely to be fined. Therefore, it’s crucial that you nominate your contact via The Pensions Regulator website without delay.