When should you start preparing your company for Auto-Enrolment?
Whether you want to set up pensions for your employers or not, Auto-Enrolment is here to stay. The question is not if but when should you start preparing to set up a workplace pension for you company.
The Pensions Regulator (TPR) recommends that companies should start preparing with 18 months to go until your staging date. So far with the companies I’ve spoken with it looks like more and more are waiting to the last minute. Business is tight and there seems to be no time to spare for the inevitable.
The simple answer is the sooner the better.
The more time you have to prepare the better your pension solution will be. Remember automatic enrolment is more than a pension problem. It is likely to involve your accounts department (or Accountant) and HR before you even get to the pension solution. I’ll stick to the pensions issue for now.
If you take the time to prepare and analyse your workforce properly you may be able to save a small fortune by categorising your workforce appropriately. Ultimately though my experience so far is that many employers are going to try and save a few pound by going down the DIY route by playing eeney meeney miney mo with pension providers.
As long as you fulfil your Auto-Enrolment obligations, right?.. Wrong!
In 5-10 years most of the Northern Ireland workforce will have been auto-enrolled into their company pensions. At first many won’t have a clue what they have got and many of them won’t care. After a few years workers will get educated, not only with what they have got but what their friends have got at your competitor down the road.
If you want to be the company everyone wants to work for, a good pension scheme is going to be high on the list of criteria.
Check out our 5 Top Tips For Employers On Auto Enrolment.
If you would like to make sure your company remains ahead of the competition then give us a call on 02895 815000. We will work with you and your team to make sure you get the best workplace pension solution for your company’s future.