Workplace pension reform (WPR) is the new legislation that states workers need to be automatically enrolled on anominated pension scheme, when they meet certain criteria. Automatic enrolment is the mechanism behind this process.
Workplace pension reform is being rolled out in stages, known as “Staging Dates”
Staging for larger employers has already begun – with the largest employers staging from October 2012. Your staging date is based on the PAYE data provided to The Pensions Regulator (TPR) by HMRC on 1st April 2012 – employers will then be contacted by TPR 12-18 months before their staging date and then again 3 months before their staging date
Your staging date depends on the number of people on your PAYE scheme as of 1st April 2012. To ensure you know your correct staging date please contact us or visit the The Pensions Regulator website.
We strongly suggest that you should start preparing for Auto Enrolment 12 months before your staging date, so you should already be thinking about the next steps you need to take!
Six months before your staging date you should have:
- checked which workers might need to be automatically enrolled into a pension scheme
- chosen a pension scheme and confirmed that the pension provider will accept all your workers
- ensured that your payroll system supports automatic enrolment, and
- started to make your workers aware of automatic enrolment
Once your staging date arrives you must:
- enrol workers into your chosen pension scheme
- make contributions to that scheme
- keep records, and
- complete your declaration of compliance (registration) with The Pensions Regulator
Auto enrolment – why Wilson Partners?
- A solution that takes away the headache and complexity out of auto enrolment
- If no strong opinions on auto enrolment and just want a low cost, hassle free option our ‘no advice’ option is ideal – we take care of everything to get you compliant
- Ability to include advice on areas such as salary sacrifice, pension provider, investment funds, contribution basis
- Leading edge technology
- Electronic payslips and employee logins
- Fully compliant audit trail maintained electronically – no storage requirements and complete peace of mind
- Backed by the expertise of Wilson Partners Tax; Wealth Management
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