Auto Enrolment is about getting people to save for their retirement by putting the onus on the employer to make it happen.
The pension scheme is being phased in with the largest companies already having to implement it and smaller businesses following on over the next few years- this is not going to go away, however much small businesses wish it would!
Here are 6 top tips for employers who want to get Auto Enrolment right:
- Plan, Plan Plan ahead! Get advice now from a qualified pension advisor
- If you don’t have a current scheme in place: then identify who qualifies from your current staff and what the cost to the business will be
- If you have a current scheme: then get it reviewed and work out what you need to do to ensure compliance with the new rules
- Get some advice on the administrative burden for set up (and for ongoing compliance), you want to make sure that you have the resources to deal with this and get it right first time
- Communication is key, not only do you have a statutory responsibility to communicate the process, but you also want to do it to make sure that you engage with your staff and continue to get the best from them
- Don't be an Ostrich, or you will be penalised with a fine!!
This excerpt is from the latest post in the “In my Opinion” blog series - you can read the full blog posts here: Auto Enrolment - What you need to know (Part 1) and Auto Enrolment - Planning and understanding the benefits (Part 2)
This interview was recorded with Liz Gibson of Adaptable-HR in October 2013, all opinions are her own and facts were relevant at the time of publishing.
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If you want to contact Liz about any HR issues you are facing in your business and may need her help with you can-
call her on 01638 507428, visit www.adaptableHR.com or
email [email protected]
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