5 Key Auto Enrolment Messages for Accountants and Advisors
The Pensions Regulator have unveiled key messages accountants and advisers can communicate to clients as 2017 sees around 700,000 businesses staging.
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1. New Year’s resolution to stay on top of your paperwork?
It’s important to remember that all businesses have auto enrolment duties in some form or another, whether they have eligible staff of not. Encourage your clients to use The Pensions Regulator’s duties checker so that they understand exactly what their duties are and when each duty must be completed by to help them avoid fines. Your clients should be on top of auto enrolment and understand what they need to do and by when.
2. Clients staging this year?
So, your clients have checked The Pensions Regulator’s duties checker, and understand what and when everything needs to be done. At this point, it’s important to see them through the process which for many businesses, can be quite intimidating.
3. Your client has nobody to place into a pension scheme?
For businesses that have nobody eligible to be put into a pension scheme, they can get ahead of the curve and bring forward their staging date and then complete their declaration of compliance. Remember though, whilst a staging date can be brought forward, it can only be put back by a maximum of three months.
4. Any of your clients missing their staging date?
The Pensions Regulator do understand that most businesses want to do the right thing when it comes to auto enrolment, however sometimes a misunderstanding can get in the way of this, and sometimes staging dates and deadlines are missed. It’s important for any of your clients who may have missed their staging date, or are at risk of doing so, that they contact The Pensions Regulator straight away and let them know. Whilst the regulator can be flexible in some cases, simply burying their head in the sand will not do your clients any good and they will be at risk of a fine or even court action.
5. Have larger clients who are approaching re-enrolment?
Re-enrolment must be carried out every three years from your client’s initial staging date. This is done to assess eligibility of your workforce and to place any members of staff into your workplace pension scheme. If you’ve chosen your client’s re-enrolment date for them, make sure not to forget to complete their re-declaration of compliance at the same time.
Understanding Auto Enrolment
With record numbers of businesses staging this year, IRIS are helping to ensure that all businesses fully understand the legislation and how it affects them. Accountants, advisors and indeed businesses can join us tomorrow for a free webinar, Bite-sized Intro to Auto Enrolment for Small Businesses and get all of the information you need to tackle AE and ask any questions you may have.
If you can’t make it, you can download a free on-demand version by visiting iris.co.uk/ondemand
Simply click below to register your place, we’ll begin the 30 minute session at 11am.
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