Pensions Reminder for Small Employers
It doesn’t seem long since small employers were required to start to assess and automatically enrol eligible workers into qualifying pension schemes.
With the three-year anniversary approaching of the change in regulations, some of the earliest employers to pass their pension staging date, will now have to re-enrol certain staff who have chosen to opt out.
Nigel Stapleton, Payroll Manager of CBR Business Solutions explain more. ‘An employer’s re-enrolment duties must be carried out approximately three years after their automatic enrolment staging date. Each employer’s duties will vary depending on whether they have staff to re-enrol, or whether there are no staff to re-enrol. Either way, they will need to complete a re-declaration of compliance to confirm how they have met their duties.
‘Re-enrolment and re-declaration is a legal duty and if employers don’t act they could be fined.’ Nigel warns.
The four stages of the re-enrolment process include
- Choosing your re-enrolment date
- Assessing your staff
- Writing to staff
- Completing a Declaration of Compliance