The Pensions Regulator’s top three auto enrolment tips for March
The Pensions Regulator (TPR) have released their key auto enrolment employer messages for March. The update includes their top three tips for employers for auto enrolment.
1. Allow time to choose a pension scheme
TPR recommend that employers begin to prepare for auto enrolment at least 12 months in advance of their staging date; additionally, they also state that businesses should also give themselves time to choose the right pension provider for them. There are many pension providers out there, and TPR recommend that “large well run master trusts, which have obtained Master Trusts Assurance (MTA), and group personal pension plans (GPPs) authorised by the FCA are a good choice for employers seeking to comply with their automatic enrolment duties.”
2. Let TPR help you get information that is relevant to you
TPR offer the Duties Checker system, so that employers can be aware of exactly what is required from them to comply with the workplace pension reform legislation. Additionally, they would like businesses to ensure that their contact information is up-to-date and correct, and to ‘nominate an employer contact’ who should be the owner or most senior person in the business for making sure that legal duties are met.
Once this is done, businesses are able to nominate a secondary point of contact which can be either another employee within the business, or an advisor who is able to speak on their behalf.
3. Using an advisor? Agree who is doing what
Don’t risk a fine. Communicate with your advisor to know exactly who is doing what. TPR explain that they have had examples where a business has been fined because they failed to complete their Declaration of Compliance. When the TPR have contacted the business to ask why they have not yet submitted the Declaration, some businesses have stated that they believed their business advisor was going to submit it on their behalf.
Advisers need to be clear about what services they offer, and employers and their advisers should be clear about who is completing each auto enrolment task.
If you’re not yet up-to-speed on auto enrolment, register your place for our popular “Bite-size AE Webinar” sessions which we run regularly. The sessions are held by an expert in the workplace pension reform here at IRIS and he will give you an introduction to the changes and what your business needs to do to prepare. The sessions also includes a demonstration of how IRIS payroll software can help your business manage your auto enrolment responsibilities.
Book your place today on the next free Bite-size AE Webinars which are running on Tuesday 15th Match at 10pm, and Thursday 24th March at 2pm.
Register for 15/03/2016 webinar
Register for 24/03/2016 webinar