Automatic enrolment (“AE”) entails detailed planning and an in-depth understanding of the requirements.
The Government have acknowledged that people are not saving enough for a comfortable retirement, and the AE initiative is intended to encourage an increase in long term savings.
Responsibility has been placed on employers to automatically enrol eligible jobholders into a qualifying pension scheme. This requires the input of HR, payroll, finance and the pension teams. It is quite possible, in a smaller company, that these roles are fulfilled by the same person. While this helps with communications, it can prove to be a challenge if previous experience of dealing with pensions matters is limited.
2020 Trustees is able to help in the following ways:
Auto Enrolment Project Management
- Analysis of the company’s needs and objectives
- Help in assessing the workforce
- Assisting to create a robust project plan in order to be ready by your ‘Staging Date’*
- Choosing an appropriate pension arrangement for your staff
- Drafting the statutory communications to workers and helping them to understand what is involved
- On-going governance at a local level
- Where a number of companies have their Staging Date around the same time, the burden and cost of preparing for the big day can be dramatically reduced by joining 2020 Trustees’ AE Club
- We’ve split the tasks into six highly interactive workshops that will enable employers to deal with all essential elements of the AE requirements collaboratively
- As professional expertise is provided on a group basis, the cost to individual firms is significantly reduced
- AE Club is available to any affinity group of employers; for example clients of payroll providers; accountants; professional services; trade associations; etc
Auto Enrolment in Insolvency Situations
- When a company is in distress and an Insolvency Practitioner (IP) is called to assist, the IP needs to be aware of what to look out for
- 2020 Trustees can provide a rapid assessment and implementation service to enable the IP to comply with the statutory duties, whether or not trading continues after the Staging Date, including a full compliance audit
- Arrears of premium may be recoverable from the Redundancy Payments Office. 2020 Trustees can help to prepare the ERA claim behalf of the IP
(*The ‘Staging Date’ is the predetermined date by which everything should be in place to automatically enrol your eligible employees into a qualifying pension scheme. The Staging Date can be identified by entering the company’s PAYE reference number in to a facility on the Pensions Regulator’s website).
For further information please contact us.