Auto enrolment action plan

By Mattioli Woods

18 Mar 2015

Don't get caught with your head in the sand!

By Craig Hugo, Taylor Patterson.

With Christmas and New Year a distant memory, employers are concentrating on ensuring 2015 is a successful and profitable year. However in 2015, an increasing number of employers will have to comply with workplace pension reform legislation, also known as ‘auto enrolment’.

During 2015 approximately 45,000 employers reach their “staging date”. This is the date allocated by The Pension Regulator, when an employer needs to have in place a qualifying workplace pension scheme in order to comply with the legislation. Complying with the new legislation, has both cost and administrative implications on employers.

With this number of employers staging there is likely to be a huge strain on the pensions industry, with many of the large scheme providers focussing on profitability and being selective in the employers they will offer a pension scheme. In order to ensure employers have a wide a range of providers to choose from, it is imperative that they plan early and decide on how they will comply.

The following is our quick guide for employers, to ensure that auto enrolment doesn’t create a nasty surprise:

1. Plan early

We would recommend that employers give themselves at least 6 months prior to their staging date to begin their planning.

2. Know your workforce

Ensure that your payroll data is clean and ready in terms of staff personal details and remuneration.

3. Understand the potential costs

Putting aside the cost and time of administration, the cost of contributions will be a new company expense for many employers. There are a range of calculation methods available to employers in determining contribution levels for staff.

4. Review existing schemes

Employers may already have a workplace pension scheme in place, however, if the scheme does not meet the strict criteria required by legislators, it will not be deemed ‘Qualifying’ and will not satisfy auto enrolment obligations.

5. Consider the options

With a wide range of potential scheme providers, as fully independent financial advisers, Taylor Patterson can review the full market for you and provide recommendations of suitability.

6. Ongoing administration

Employers have to be careful not to fall into the trap of assuming that successfully negotiating their staging date is the end of their obligations. In reality, a big step has been taken but the ongoing administration is arguably more onerous than the initial steps.

7. Staff engagement

It will cost employers to successfully meet auto enrolment legislation. Our advice to all employers would be to ensure staff engagement to generate a return on the investment and make certain employees understand the benefits of saving for retirement via the pension scheme.

Taylor Patterson have considerable experience in the auto enrolment process, having already assisted many clients in fully complying with auto enrolment legislation in an efficient and effective manner. Our auto enrolment services include financial impact analysis, payroll liaison and staff engagement packages, amongst others, to ensure that the different needs of different employers can be met. With a wide range of issues to consider, it is important that employers give the time and resources to ensure the establishment of a pension scheme for their employees is dealt with professionally.

Latest news

1

Financial Affairs support the Red Rose Award winners' reception Networking photograph

Financial Affairs support the Red Rose Award winners' reception

24 Apr 2025

2

Lancaster University unveils cutting-edge computing and cyber security facilities Head of Lancaster University's School of Computing and Communications Professor Nigel Davies, Chris Ensor, Vice-Chancellor Professor Andy Schofield and Pro-Vice-Chancellor (Engagement) Professor Sarah Kemp

Lancaster University unveils cutting-edge computing and cyber security facilities

24 Apr 2025

3

Northcote announces new owners Alf and Clare Ellis as Lisa Goodwin-Allen returns as chef patron-director Craig Bancroft and Lisa Goodwin-Allen

Northcote announces new owners Alf and Clare Ellis as Lisa Goodwin-Allen returns as chef patron-director

24 Apr 2025

4

Major shareholder makes Inspired takeover bid inspired-500x500.png

Major shareholder makes Inspired takeover bid

23 Apr 2025

5

Nominate your favourite family-run business in Lancashire. Thompsons meeting (1).png.png

Nominate your favourite family-run business in Lancashire.

22 Apr 2025

Pc Prestonmacan Gif980x120 March
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV122 May/June Launch Event
121 Lancashire Business View Magazine Launch
Networking
21 May 2025

LBV122 May/June Launch Event

Lancaster and Morecambe College, Lancaster, LA1 2TY

08:30 - 10:30

Sub36 Networking
Networking
11 Jun 2025

Sub36 Networking

British Jewellery School, Scorton, PR3 1BA

15:00 - 17:00

Lancashire Net Zero Carbon Conference
Net Zero Carbon Social 1200px 2
Networking
18 Jun 2025

Lancashire Net Zero Carbon Conference

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

08:30 - 13:00

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
02 Apr 2025 - 08 Oct 2025

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 15:30

People Power: Exclusive Event Series
Stay ahead in 2025.jpg.jpg
LBV Hub Seminars
29 Apr 2025 - 29 Apr 2025

People Power: Exclusive Event Series

People's History Museum, Manchester, M3 3ER

17:00 - 21:00

Planning for the future + navigating Inheritance Tax changes
Planning for the future + navigating Inheritance Tax changes for website.png.png
LBV Hub Seminars
01 May 2025 - 01 May 2025

Planning for the future + navigating Inheritance Tax changes

Stanley House Hotel, Mellor, Blackburn, BB2 7NP, Blackburn, BB2 7NP

08:00 - 10:30

Advantage: AI – A Workshop for Business Leaders – May 2
EV-land-2025-05B.png.png
LBV Hub Seminars
02 May 2025 - 02 May 2025

Advantage: AI – A Workshop for Business Leaders – May 2

Door4 Office, Burnley Wharf, Manchester Road, Burnley, BB11 1JG

09:00 - 11:00

A night at the races
1.png.png
LBV Hub Dinners / Balls
02 May 2025 - 02 May 2025

A night at the races

Morecambe FC, Morecambe, LA4 4TB

19:00 - 23:59

Research and Knowledge Exchange Showcase
13421_research_knowledge_exchange_2025_600x300.jpg.jpg
LBV Hub Awards
07 May 2025 - 08 May 2025

Research and Knowledge Exchange Showcase

University of Central Lancashire , Preston, PR1 2HE

09:00 - 17:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more Lbv121 Online Graphic
Subscribe now

Weekly news bulletin