Re-declaration of Compliance: A Short Guide
The re-declaration of compliance is something every single businesses in the UK will need to complete, but what is it and what do you need to do?
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What Is It?
The re-declaration of compliance is similar to the original declaration of compliance, in that it simply informs The Pensions Regulator that your business is compliant with auto enrolment legislation. In the case of the re-declaration, it lets the regulator know that, first of all, your business is still compliant, and second, it updates them on any members of staff that have opted back in your workplace pension.
However, it’s worth noting that even if you have no additional members of staff to re-enrol, the re-declaration still needs to be completed.
When Should I Complete It?
The re-declaration of compliance needs to be submitted every three years, with the first deadline coming three years after your initial staging date. You will have five months from deadline to compensate for businesses that postponed auto enrolment. You’ll then need to repeat the re-declaration within five months of this date every three years moving forward.
For example, if your staging date was 1st May 2014, you’d need to complete your re-declaration by 1st October 2017.
What Happens If I Fail to Comply?
Unfortunately, as is the case with the initial declaration of compliance, failure to complete yours within the five month window can result in action being taken by The Pensions Regulator. These can include penalties, fines and in severe cases, even court action.
Where Should I Complete It?
You complete your re-declaration on the same webpage you submitted your original. Some of the information you submitted the first time will pre-populate some of the fields, meaning all you’ll need to do if check over the information you gave three months prior. You can start the re-declaration of compliance process here.
Still Looking for More Information?
Re-enrolment doesn’t have to be a complicated process, in fact it can actually be really quick and simple! To help you get up-to-speed with yours, we currently run a free bite-size webinar, ‘Bite-sized Support: Re-enrolment’ which is designed to give you the key information you need for a successful re-enrolment process.
Join us on Tuesday 21st February at 2pm and get yourself ready for re-enrolment.
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