Frequently asked Questions
Myths about automatic enrolment for employers.
Myth: There’ll be a lot of work leading up to the deadline but then our work is done.
Reality: Automatic enrolment isn’t just a one-time event. Once you’re up and running you’ll still have to calculate and pay regular contributions and keep assessing your workforce every pay period for anyone who needs to be automatically enrolled. Corpad will do all of this for the employer.
Myth: Once we’ve chosen our pension provider everything will be done for us.
Reality: Most Pension providers aren’t going to be able to do everything. Employers say that the main challenges they face are understanding how the regulations apply to them, assessing which workers are eligible and communicating the changes to their workers. Not all providers are ready to help you with these. Providers can make it easier though. With WPAS however you won’t need to worry about any of this as it will be taken care of for you provided the correct information is supplied by you on time.
Myth: Automatic enrolment is a job for HR.
Reality: Automatic enrolment will probably mean you need to include a number of people within your organisation to help you implement the changes. Most employers we’re working with include not only HR but also their payroll provider. WPAS have a dedicated point of contact to work closely with your Nominated Person. Aside from meeting legal obligations to your workforce, a clear communications strategy will pay dividends by minimising queries.
|WPAS – Questions you want to ask|
|Q.||The data capture document, is that what the employer will use for the assessments on the employees in order to get the correct contribute? Or do you collect the information from the employee? Does it need to be filled in every month?|
|A.||The data capture document will be sent to the person that manages the payroll to check over and add in relevant information once completed it is sent to CORPAD to check through. This will be done every month.|
|Q.||Do you work out the correct contributions to the pension based on the payroll or will the employer need to do that?|
|A.||No the pension administrator will calculate the contributions based on the information you supply them.|
|Q.||How soon before my staging date will you need the employee information?|
|A.||WPAS will start to collect as early as 3 months prior to the staging date to complete the process and get the relevant information from the employer.|
|Q.||If my staging date has passed or within the next 3 months will this affect me?|
|A.||Yes, as your fee may increase. You will need to contact your WPAS| representative.|
|Q.||Who completes the application process and with whom?|
|A.||WPAS complete the application by completing the declaration of compliance with the pension regulator. A copy of this declaration will be provided to the employer.|
|Q.||How do I start the process?|
|A.||Contact us on 01245 392531 or Click here|
|Q.||Is there a fee charged to the employee?|
|A.||No, unless your employer allows your contribution to be invested in the discretionary funds which carries a minimal of less than 0.75%|
|Q.||Do you look after the records for the required time?|
|A.||Yes, A minimum of 6 years.|
|Q.||Will the employer need to dedicate someone to take care of the responsibilities?|
|A.||Yes, a nominated individual will be the main point of contact. (Albeit, we do understand this may be your accountant or payroll provider)|
|Q.||Do you have a website?|
|Q.||Do you have a helpline number?|
|A.||Yes, 01245 392531|
|Q.||Who pays the monthly administration premium?|
|A.||The employer pays the monthly administration fee.|