What is your business staging date?
Pensions’ automatic enrolment is not going to go away. Businesses have begun to receive notification of their staging date: the date on which pension arrangement under the scheme should be in place.
According to the Pensions Regulator’s commentary on automatic enrolment:
“The law on workplace pensions has changed. Every employer with at least one member of staff now has new duties, including putting those who meet certain criteria into a workplace pension scheme and contributing towards it. This is called automatic enrolment. It’s called this because it’s automatic for your staff – they don’t have to do anything to be enrolled into your pension scheme. But it’s not automatic for you. You need to take steps to make sure they’re enrolled.”
The stages or tasks you will need to complete by your staging date include:
- Assessment of your workforce to see who is eligible.
- Provide a point of contact.
- Create an action plan.
This will include choosing a pension scheme or checking that your present scheme will qualify.
If you are still unsure what you should be doing, we would be happy to point you in the right direction. As we mentioned at the beginning of this article, this requirement is not going to go away.