April Fools Day 2012 - despite all the chopping and changing of the rules surrounding pension Auto Enrolment, April 1st 2012 looks set in stone as the date all employers will have their 'staging date' decided. Its no joke.
The number of employees you have on the 1st April in your PAYE payroll scheme will decipher when you are obliged to enrol all eligible employees into an appropriate equivalent pension scheme or NEST.
The dates range from 1st October 2012 and April 2017. When your 'staging date' falls will be based on number of employees, then more specific criteria such as surname etc.
Once your 'staging date' is established you will need to prepare thoroughly for NEST and be clear on what action you need to take, if any.
We can help you undertake an analysis of your existing arrangements and confirm when your 'staging date' will be.
It may be that only some of your staff are provided for sufficiently at present, but others need to be taken account of.
It may be that enrolling into NEST is the best thing for some of your staff, but not all of them.
Or it may be that you just want to be clear when you need to take action to ensure you meet the deadlines and don't incur what look likely to be hefty penalties for failing to comply.
We understand that the cost of providing additional employee benefits is not seen as a priority by many at the moment, as wider economic issues take precedence, but the Department of Work & Pensions (DWP) have stated an intention to spot check employers and draw out at random employers who will need to instigate auto-enrolment prior to their previously quoted 'staging date'.
To undertake an analysis we require some basic information from you about your company and your existing pension provision. From there we can then provide you with a report which clearly shows where you are at present and what action you need to take. It is then up to you how you decide to proceed, but you will at least have something on file should the DWP enquire about your progress.
April 1st 2012 is a key date and April 2017 seems a long way off, but the two are intrinsically linked and the earlier you can plan and budget for the inevitable, the better off you will be in the long run.
For further information on auto-enrolment and our analysis service please contact us using the link below.