As with any other major change that occurs, planning is crucial to avoiding aadministrative nightmares when it comes to actual implementation, and the new pension requirements are no different. Pension experts are suggesting allowing up to 18 months to get ready and the essential first step is knowing your staging date.
The staging date is determined by records held by HMRC as at 1 April 2012, based on the number of people you have in your largest PAYE scheme. If you’ve got more than two staff you’ll need to set up an arrangement and plan ahead, and the process takes a lot longer than you would expect. Use the link below to the Pensions Regulator to find your staging date.