Confused about what you need to do? READ MOREJust want to get on with it?GET STARTED
We do seem to have become the ‘go to’ company for companies that have missed their staging date, so I thought it would be useful to run through a recent case study, just I case you’ve missed yours…
A client, let’s call him Tom, called us a couple of weeks ago and confessed that his staging date was 1st August 2016, and he’d done nothing so far. He’d contacted a couple of other workplace pension companies but they weren’t interested in helping him because he’d missed his staging date, so he was quite relieved when we said of course we can help.
The first thing we advised Tom to do was call The Pensions Regulator to explain that he had missed his staging date but he was working with us to get his scheme set up in the next few days and put things right. Doing this will actually reduce the chance of a fine.
Secondly, we needed to obtain payroll reports from Tom showing his employees’ gross earnings since 1st August last year. His payroll lady emailed the reports over to us the next day and we calculated the backdated employer and employee contributions from last August until the most recent payroll run. We confirmed to Tom that he would be liable to pay all of these backdated contributions, rather than asking employees to pay theirs, but as he only had a couple employees the backdated contributions came to about £150.
We advised Tom about tax relief, postponement and the most cost effective pensionable salary and contribution combination for his business and we set up his scheme with NEST within 3 days of his initial contact with us. We also spoke to his payroll lady and gave her everything she needed to set the scheme up correctly on her payroll software, and we checked the first set of contributions calculated, just to make sure.
Tom needed to be responsible for uploading weekly pension contributions onto the NEST portal because his payroll lady wouldn’t do this for him, so we did the first contribution upload for him to save time, and then we provided him with training so that he could do this himself going forwards. We gave Tom guidance on completing his Declaration of Compliance and made sure he did this as soon as his scheme was in place.
So within a matter of days, and very little drama, Tom was compliant and up and running with his pension arrangements.
So if you need help with setting up your workplace pension please get in touch. If you’ve found this article useful please like our Fb page @autoenrolmentbureau and follow us on twitter @aebureau.
CONNECT WITH US
Find out more ...
What do our customers think..?
"We wanted to embrace Auto-Enrolment to get good pensions in place for our team early. We interviewed a couple of companies to assist us, and Sarah gave a very good case for her company. We are confident that we made the right decision! From selecting the right provider, through to setting up the systems and even presenting to our staff, Sarah and her team were excellent. I don't hesitate recommending the Auto-Enrolment Bureau to anyone looking to enrol their company. My only words of advice are, do it early!"
Richard Hardstaff, Director, Polydron (UK) Ltd