Corville Auto-Enrolment Solutions
Auto Enrolment – the facts every EMPLOYER should know…
- Enrol eligible employees into a pension scheme and contribute – unless the employee opts out
- Pay 1% of employee’s earnings initially increasing to 3% in 2018
………. are you ready for all YOU need to do?
- Assess workforce – you must assess which employees are eligible and which are non-eligible, some may also be entitled. However, all could become eligible, and you are responsible for monitoring their eligibility.
- Communicate with employees – you must produce, and send directly, appropriate communications to all staff on an ongoing basis. You must also inform staff of their right to opt out and how they can opt out, but you cannot send out opt out notices. Then you must re-enrol them every 3 years for them to opt out again.
- Data management – you must pay a contribution to a pension provider and answer employee questions regarding the scheme, but only guidance is allowed. Watch the coercion rules.
- Choose a pension scheme and the fund to invest in – you must choose the contribution basis, review any existing arrangements, review provider options and select a default investment option for all staff.
- Record keeping and compliance – you must keep records of the above for 6 years and provide to the pension regulator if requested.
The Automation of Assessment, Communications and Record Keeping
- Provides an audit trail
- Automatically updates any changes in legislation
- Standardised processes
- Reduces administration time, saving money and the danger of non-compliance
- Grows with the workforce
- Keeps control – expand to include wider benefits regime
- Employer and employee helplines
- Use of maximum postponement dates
- Salary exchange as a default – SAVES YOU MONEY
- Automated Pension Plan application, acceptance and fund selection