Paul Beasley ACII
Managing Director
“With fines of up to £10,000 per day for failure to comply, employers must prepare diligently and take specialist advice. We recommend employers use this opportunity to re-assess their HR policy.”
Action Plan
- Review your existing benefits and ensure they remain relevant to the needs of your staff
- Audit your existing scheme to ensure it is appropriate and flexible enough to adapt to the new regulations
- Consider the structure of the scheme and whether you need a separate more sophisticated offering for higher earners
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- Evaluate the administrative support you require from your IFA and the extent of advice offered to employees
- Understand the cost implications, consider options to minimise and budget accordingly
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You Must:
- Establish a compliant pension scheme
- Auto enrol / re-enrol all qualifying staff
- Monitor all qualifying earnings
- Deduct and forward contributions
- Register / re-register schemes
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- Provide information to eligible and non-eligible jobholders
- Provide information to the scheme provider
- Process opt-outs / make refunds
- Keep records and demonstrate your compliance
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You Must Not:
- Offer advice
- Discourage membership
- Provide a jobholder an opt-out form
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- Encourage opt-outs
- Use ‘prohibitive recruitment conduct’ (such as employing someone on the basis they agree not to join the scheme)
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