Auto-enrolment, or Workplace pensions, the process of all UK businesses offering their staff a pension, has led to hundreds of thousands of employees receiving pension contributions from their employers, and has undoubtedly brought about a significant change in workplace pensions.
However, from June 1st, another change to Workplace pensions is taking place.
According to The Pensions Regulator, over a million employers have received a letter requesting they nominate a contact they can liaise with to inform them about Workplace pensions staging dates.
As an accountant, you might be this contact. So, how do you assist your client? What are some of the key activities they need to be aware of?
Tom Nall, Director of Workplace Solutions at Simply Biz, outlines in his article for Professional Adviser what advisers and accountants can do to ensure your clients don’t get any nasty Workplace pensions surprises over the few months, such as:
- Acknowledging that, from today until May 2017, staging dates will mostly be determined by the last two characters in employers’ PAYE references
- Informing your clients to “plug the gap” sooner rather than later to avoid fines from The Pensions Regulator
- Understanding the finer Workplace pensions details for those who run their own business and employ a spouse or partner
- Recognising the importance of software when managing Auto-enrolment
You can read the full article here.
For more information on Auto-enrolment, please visit our Small Business Centre.