How we can help you
Well to start with it is important you know exactly what you want to achieve; whether it’s just about compliance and meeting your duties or you want to add value by providing more than the minimum requirements. The answer to this question might be different for separate groups of employees.
You can’t avoid the legislation. The reality is that just like PAYE, VAT and NIC, Auto Enrolment is another compliance requirement you will need to deal with and, like the other compliance requirements, there are punitive fines if you don’t.
Chances are you will need help. Help to understand what the legislation requires you to do. Help to understand the options you have. Help to assess the costs of Auto Enrolment and how to minimise those costs. Help to assess your current arrangements and resources to see how they can be utilised to meet your obligations. Help to put together your solution. And help to deliver that solution to make you compliant both at your staging date and on an on-going basis.
We provide a solution that will help you to proactively deal with your forthcoming obligations, establish a straightforward project plan and turn what could be problematic into a manageable, efficient and undisruptive process. Most of all, we can reduce the distraction of Auto Enrolment to your business, reduce cost and resources that would need to be applied if you were doing it yourself, and give you the assurance you will be compliant.
Why do you need help with Auto Enrolment?
Complying with Auto Enrolment is not a straightforward process to implement and it can take 12 months to work through the detailed pension scheme requirements. It’s not surprising when you consider that, in addition to a review of pension arrangements, it involves reviews and analysis of payroll systems, employee categories, IT systems, Terms and Conditions of employment, and various HR policies.
It’s not just about time though. An announcement from the Pensions Regulator indicated that it is investigating over 500 of employers which have already been through the process about their compliance with the legislation and has indicated that it may take enforcement action regarding non-compliance. The financial penalties for non-compliance are significant but it also serves to highlight the complexity of complying with the legislation.
Questions you need to ask yourself:
- Have you chosen a pension scheme yet?
- What software are you going to use to manage your scheme, ensuring leavers and joiners are catered for?
- How will it work with your payroll processes and software?
- Which of your workforce will need to be automatically enrolled?
- Which of your workforce can request to join your pension scheme?
- How will you communicate with your staff?
- What help can be provided by professionals to help you meet all the requirements of Auto Enrolment and ensure you’re compliant?
Getting it right – the process you should follow
We recommend you start your scheme set up process at least 12 months before your staging date. This is based on feedback from many large employers who have already
Of course, as part of our service we can do a lot of this legwork for you and provide you with expert guidance throughout the process.
SME’s will only in reality require 6-8 months, but the longer the time, the more choices you have.
What happens if you don’t meet your Auto Enrolment requirements?
The Pensions Regulator has the power to investigate firms who it believes are not meeting the requirements and issue penalties for non-compliance.
Large employers have already gone through the Auto Enrolment process and the Pensions Regulator indicated that it is investigating over 500 of them about their compliance with the legislation and may take enforcement action regarding noncompliance. The financial penalties for non-compliance are significant but it also serves to highlight the complexity of complying with the legislation.
Why choose Kind Wealth?
Put simply, we can take the pain out of meeting your Auto Enrolment duties.
Our Auto Enrolment service is extensive and you can have as little or as much support as you need. We can set you on the right course for an efficient and effective solution to ensure you meet your new statutory employer duties and avoid fines. We can also provide a solution that will help you to proactively deal with your forthcoming obligations, establish a straightforward project plan and turn what could be problematic into a manageable, efficient and undisruptive process.
- Fit for purpose pension scheme that meets the requirements of Auto Enrolment. This includes reviewing your existing pension scheme (if applicable)
- Expert guidance and assistance through the different stages of pension scheme set up (including communication/presentations to your employees)
- Access to HR systems – to be used by you and employee
- On-going support and management of your scheme
- Detailed annual report of the scheme
Auto enrolment is not regulated by the FCA.