4 key questions that reveal if you are likely to miss your auto enrolment staging date
A recent report by Hargreaves Lansdown has shown that as many as 8,000 companies who should have staged for auto enrolment may not have done so. Around 23,000 businesses were due to have staged by the end of May 2014, however the number employers who had confirmed details of their auto enrolment pension scheme was just over 15,000.
This backs up findings from pension providers such as NEST, NOW and Standard Life who are not seeing the volume of new schemes they would have expected.
IRIS have put together some key questions to show if your business could be in danger. Answering no to any of these questions could mean you risk missing your auto enrolment staging date.
1. Do you know what your staging date is?
It may sound obvious but recent findings by The Pension Regulator has shown that 47% of small employers do not know this. If you don’t know your staging date then how will you know if you will be ready in time? Check your staging date ASAP on The Pension Regulator website as it may be earlier than you think.
2. Have you started to put a plan together?
Industry experts all recommend preparing at least 12 months before your staging date. This will allow you to find a suitable pension scheme for your business and work out how you are going to handle key tasks such as assessing your workforce and sending communications.
3. Do you know the difference between an eligible jobholder and an entitled worker?
If not then you really do need to learn the legislation. Different actions need to be taken for different types of workers and this can depend on age and earnings. Knowledge is power and you will feel much more able to tackle automatic enrolment when you understand what you need to do.
4. Have you had a compliance assessment from your payroll provider?
Dunelm Soft Furnishings hit the headlines for all the wrong reasons when they missed their staging date and failed to make pension payments for employees. To avoid their mistake it is vital to ensure you have compliant software in place that will correctly manage the auto enrolment processes. Automating tasks will be key to ensuring you meet your deadlines.
How IRIS can help
IRIS have already helped 1,300 companies be ready in time for their staging date – assessing more than 375,000 employees in the process!
Contact the auto enrolment team on 0344 815 5700 to discuss how we can ensure you are ready in plenty of time for your staging date.