It is essential that all UK businesses who employ one or more workers must enrol in a compliant work place pension scheme. It is essential for all these businesses to:
- Be prepared.
- Ensure the changes required for internal systems are identified.
- Verify that all parties, including any HR and/or payroll functions, fully understand what is required.
- Need to be fully aware of the duties and obligations associated with the new requirements.
Your WPAS Auto Enrolment solution meets all your needs in providing both a compliant and comprehensive pension plan for your staff.
An action plan for employers is essential and WPAS is available to help all businesses meet their obligations, regardless of size or structure.
|Small employers||With a workforce of 49 or less||Required to enrol by June 2015 to August 2017 depending on your staging date|
|New employers||Will automatically start enrolling their employees from May 2017 to February 2018|
- A “wake up call” fine of £400
- Escalating fines for consistent offenders
- Employers with 5-49 employees will pay up to £500 per day
Employers who don’t consider their staging date yet a priority should get informed immediately about the lack of resources in the market and the effects a staging delay can have. WPAS has been designed to assist employers meet their needs well in advance so that they can continue to run their business smoothly. In the meantime, they will have the confidence of knowing that when the staging date comes, they will already have the necessary solution in place.
Q: What must I do to be ready? A:You, as an employer, are required by law to implement the following by your staging date:
- Assess eligibility of all employees
- Register with the Pensions Regulator
- Ensure that existing schemes comply with all regulations
- Run the initial enrolment process for all employees
- Manage and update the opting in and out of employees
- Administer contributions
- Ensure that inducements to opt out are not offered
- Provide regular updates and employee communications
- Keep accurate records of all the above
Q: Can WPAS help? A:WPAS creates a collaboration that encompasses every part of the journey facing businesses in Auto Enrolment. You, as the employer, can be confident in being ready for your staging dates and compliant with the rules and regulations that apply in the workplace pension environment. Our workplace specialist fund & asset managers will create a tailored plan for your business and assist you every step of the way.WPAS allows you to focus on managing your business.
Q: What are my next steps? A:Your Next Steps will be:
- Complete Your WPAS Master Trust Document. (This sets up the trust that will hold the pension contributions and guarantees that you will have a scheme that meets Auto Enrolment regulations)
- Complete Your Employer’s Application. (This ensures that we capture all of the information that we need to set up the scheme)
- Review Data Capture Document
- Complete Direct Debit form
- Provide a certificate confirming you have an appropriate scheme
- Set up the trust
- Provide you with a web portal
- Contact and advise you of the requirements until at least 6 Months prior to staging for reserved schemes
- Prepare the Auto Enrolment population
- Notify all staff who will be auto enrolled and advise them of their rights and how they can view their benefits
- Notify all other eligible employees of their rights and manage their responses
- Provide you with management information to complete appropriate deductions from payroll on a basis to suit your payment patterns