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This new legislation requires an employer to automatically enrol any worker into a qualifying workplace pension scheme from a specified date. The principle of this sounds reasonably straight forward, that is until an employer starts to investigate the more detailed requirements which include the following :-
These are just some of the new and ongoing requirements that an employer must address if they are to comply with these regulations and avoid material fines.
There is some comfort to taken from knowing that many employers have already had to comply with these regulations and as a result a body of experience has already been built up. Also various third party concerns have developed suitable supporting services. Experience to date has shown that many employers have struggled in not having started their considerations earlier enough. In our view this should be started some 6 months prior to a company’s ‘staging’ date, the date they have to comply by. There is also evidence of common difficulties which is useful to know when focusing possibly limited client resources.
Optima have already built up a material amount of experience in working with employers in understanding and meeting their auto enrolment obligations. This support has included the following :-