In our experience to date all employers have needed to address one or more of the items listed below:
• Do you offer every eligible employee access to a workplace pension scheme?
• Do you automatically enrol these employees as per the new regulatory requirement?
• Does your scheme meet one of the 4 minimum funding requirements?
• Do you offer access to a default investment that includes a life-styling option?
If the answer to any of the above is “No” you will need to seek guidance in order to ensure your company is not subject to the three stage fine process outlined overleaf.
The details of your existing pension arrangement(s) form only a small part of the overall requirements set by The Pensions Regulator.
Are you satisfied that you have the resource to manage the following onerous administrative burden presented by automatic enrolment?
• Managing your monthly payroll certification (or weekly where applicable)
• Managing your payroll requirements including:
- Opt Outs
- Certifying qualifying contribution levels
• Record Keeping
The requirements highlighted above represent only a few of the many duties you will need to fulfil in order to meet full compliance status with The Pensions Regulator.