Auto enrolment: "It doesn't apply to me" and other common tales.
Automatic enrolment was introduced back in October 2012 and despite the awareness campaign over the last 18 months from The Pensions Regulator, HMRC and the government’s own pension provider NEST, some companies still seem to be avoiding the reality of these complex changes.
Here at IRIS, our team speaks to hundreds of SME’s every day and there are still so many companies who aren’t aware of how this new legislation will affect them.
Here are just two of the most frequent comments, we hear…
1. “It doesn’t apply to me”
There are companies out there who haven’t done their research regarding the Workplace Pension Reform. Every employer in the UK will be affected by auto enrolment and even if a company has no one in a pension scheme, they will still have to complete certain processes and tasks every pay period. As a business, you still need a plan on how your company will handle the new legislation. One of the best ways to do this, is to join a free IRIS auto enrolment webinar.
Visit the IRIS auto enrolment insight page today for more information
2. “My staging date isn’t for ages”
This financial year, over 30,000 businesses will reach their staging date, but in the coming years, over 400,000 companies will begin assessing their staff and enrolling them into pension schemes. The volume of businesses means that demand will far outweigh supply and many companies will be left with very little choice of what will be the best scheme and process for them to choose.
Preparing early is vital to avoid being caught up in the “capacity crunch” and will allow businesses to educate their payroll departments and staff introduce the new processes with ease and have complete compliance confidence.
Start preparing today by speaking to an IRIS automatic enrolment expert who can help you kick start your journey and conquer compliance confusion.
Speak to the team today
Whether you need answer about how your payroll system can handle assessments, or how you can publish communications, the IRIS team can help.
To learn more about the payroll and the auto enrolment solutions IRIS offer, call the team direct on 0843 357 1802 today.