Pensions auto-enrolment staging dates forms the next in the Remedy business advice series.
Between 1 October 2012 and 1 February 2014 there has been a requirement for larger firms, those with 250 or more employees, to provide a pension scheme for their employees, known as Auto-enrolment.
The next stage will be to roll out Auto-enrolment to employers with between 50 and 249 employees between 1 April 2014 and 1 April 2015. The precise “staging date” will be assigned by the Pensions Regulator on behalf of the Department of Work and Pensions. Employers with between 30 and 49 employees will be affected between 1 August 2015 and 1 October 2015 and finally existing business with fewer than 30 employees will be required to Auto-enrol their employees in a pension scheme between 1 January 2016 and 1 April 2017.
The start date for your business may still be some time away but changes may be required to your payroll system if you are to make deductions from employees’ pay for their pension contributions. More information can be found on the Pension Regulator website.