Auto Enrolment and Managing your Workplace Pensions

It is generally accepted that a State Pension alone provides insufficient income during retirement, which can potentially last 30 years or more.

Almost all UK businesses now have a workplace pension in place.

But not all employers are fully aware of the ongoing regulatory duties which are a crucial part of the auto-enrolment process.

Every aspect of auto-enrolment compliance needs to be regularly monitored and reviewed to ensure that the company’s ongoing responsibilities to their employees and the Government continue to be met.

Six Principles for a Good Workplace Pension Scheme

The Pensions Regulator has published a list of six principles for a good workplace pension scheme and will be carrying out random spot checks.

To satisfy their auditors, companies will need to demonstrate:

1. That detailed due diligence was undertaken and documented when your workplace pension scheme was sourced and implemented.
2. That your current workplace pension scheme is still fit for purpose – have you reviewed your pension scheme charges, investment performance and employee support capability?
3. How well you engaged and continue to communicate with your staff. The Pensions Regulator may request an audience with your team.
4. That all eligible staff have been auto-enrolled, you have a new joiner process in place and you audit the contributions that are calculated and paid to the pension provider each month.
5. That all the people who manage your scheme fully understand their duties and are fit and proper to carry them out.
6. That you have processes in place to satisfy the re-enrolment requirements every three years.

We will check that your company complies with all these criteria and is fully prepared in the event of an audit request from the Pensions Regulator.

For more information and support on the financial implications of auto-enrolment and how to ensure your scheme is fully compliant, contact us today on 020 8371 5232 or email info@vintagecorporate.co.uk