Auto-Enrolment Staging Dates can be moved forward….and it may give you control!

2015 is going to be a big year for the enrolment of many employees by their employers into qualifying pension schemes. The Pensions Regulator is likely to write to many thousands of Small to Medium Sized Enterprises (SMEs) in 2015 to note that they are six months away from complying with the regulations and ensuring that the staff are notified, the scheme is in place to accept pension contributions and that it starts by the deadline. 2015 and 2016 are likely to see the largest volume of employers going through the system, mainly those with staff numbers at approximately 30-80 employees.

In our experience, many employers have had a good understanding of the legislation for some time, preparing for the extra costs in their budgets and embracing the change. With this in mind we ask….’Why wait?’

The Staging Date provided is usually matched to the company’s circumstances, based on staff numbers within the company on 01 April 2012. There is no reason why an employer cannot bring their Staging Date forward to a date that suits them if they are ready to start earlier. Indeed, this is an added benefit to the staff and may encourage greater loyalty to the business.

A list of dates that can be authorised by The Pensions Regulator for bringing Staging Dates forward is noted here:

http://www.thepensionsregulator.gov.uk/employers/bringing-your-staging-date-forward.aspx

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Waiting until the last minute to implement and meet this legislation may create an unnecessary burden from an administrative perspective, when taking into account the factors that need to be achieved such as selecting and presenting a scheme to the staff, including reporting to The Pensions Regulator that the business has complied with the various requirements. Getting it wrong could incur fines.

If your business would like advice and guidance on implementing your Pensions Auto-Enrolment scheme and to manage the implications and costs to your business then please do not hesitate to contact the team at Chapters Financial at our Guildford or Woking offices.

No individual advice is provided during the course of this blog.

Keith Churchouse FPFS
Director
Chartered Financial Planner
ISO 22222 Personal Financial Planner

Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899.