The Pensions Regulator (TPR) recently provided their four top tips for businesses yet to stage for auto enrolment.
The Pensions Regulator’s top four-auto enrolment tips are:
1. Don’t leave preparations until the last moment
From the April 1st 2016, there are an estimated 570,000 small and medium-sized businesses due to stage for auto enrolment over the next twelve months. TPR recommend that businesses of any size begin preparations at least 12 months prior to staging, to help ensure that everything goes smoothly the closer the business gets to their staging date.
2. Have a solution in place at least 6 months before your business’s staging date
Whilst businesses should begin preparations for auto enrolment 12 months before their staging date, TPR recommend that businesses have an assessment – payroll solution in place at least 6 months before staging. This will allow testing and provide time to focus on how the workplace pension reform could affect the business.
3. Ensure your payroll software is fit for purpose and can send the appropriate data to your pension provider
Having a system already in place is a great first step towards compliance. Businesses already must comply with Real Time Information (RTI) requirements and send regular, up-to-date information to HMRC. Additionally, maintaining a full six year record of communications and documentation will be required to ensure compliance, therefore it is advisable to ensure that your assessment – payroll software is fit for purpose and can do these to save yourself time and money in the future.
4. Cleanse employee data and test your systems before your staging date, rather than after, to identify possible issues
Once you have your assessment – payroll software in place, TPR recommend that employers regularly test their payroll, including auto enrolment contributions, so that they become familiar with the changes. This also helps businesses identify problems before, rather than after, staging date and thus have time to act and correct them.
Petaurum Solutions Comment
Sound advice from the TPR based on feedback and analysis on those companies that have already staged. Preparation is the key to a successful enrolment as the regulator points out, with Petaurum Solutions as your trusted auto enrolment partner we will ensure not only your staging goes without issues but our online assessment and communication solution ensures you are set up seamlessly manage your monthly auto enrolment duties. Why not check out our fixed price one-stop solution by clicking here or contact us for more information
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