Auto Enrolment Planning for Small Business

Small businesses need to start preparing now to ensure they have a strategy in place to overcome the challenges they will face when setting up a Qualifying Workplace Pension Scheme. There are still thousands of employers who are not aware of their Auto Enrolment staging date and many who are aware, but are delaying preparations. Businesses are assuming that they can deal with the work involved closer to their staging date. However, employers taking this approach will find the process significantly more difficult to deal with. Many businesses are also concerned about how they will absorb the additional costs associated with  implementing a qualifying scheme, but with early planning and preparation the challenges Auto Enrolment brings can be overcome and the costs managed. Planning ahead with plenty of time before your staging date can reduce the stresses of Auto Enrolment. Preparations include assessing any existing pension schemes to ensure that they are compliant with new legislation, or setting up a Qualifying Workplace Pension Scheme. Other duties will include ensuring that staff understand the change and how it will affect them. Establishing a Qualifying Workplace Pension Scheme is only the beginning of the Auto Enrolment process. The primary responsibility for the ongoing, day to day administration and management of Auto Enrolment will be down to the person who manages your payroll.   There is plenty of information available at www.gov.uk/workplace-pensions or please get in touch with one of our cloud advisers on info@accountantsinthecloud.com or 0800 046 1232 who can help guide you through this process.

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