Workplace Pensions Auto Enrolment

The Pensions Regulator is currently writing to all employers about Workplace Pensions and Auto Enrolment.

This is something you can’t ignore even if you only “employ” yourself or your spouse.   Please keep their information pack handy as it should contain a reference which you’ll need when you claim exemption or register your workplace pension.

At the very least you have to tell The Pensions Regulator that you are exempt from setting up a workplace pension.

If you’re not exempt then you’ll have to arrange a workplace pension provider, register withThe Pensions Regulator and then pay pension contributions into your workplace pension scheme.

The Pensions Regulator WILL impose penalties for any businesses that don’t register for auto enrolment or don’t claim exemption.

Are you exempt?

If you are a “one person” limited company and the only worker is yourself, i.e. you don’t have your spouse nor anyone else on your payroll, and you don’t have a contract of employment, you are probably exempt and need to email The Pensions Regulator to advise them that you’re claiming exemption and won’t be setting up a workplace pension.  You’ll have to tell them your full details including company name, registration number, address and employer’s PAYE reference number.

If you’re not exempt…

If you aren’t the only worker in your business, whether or not you have to register will depend on who else is working for you, their age and how much they are paid.  Some workers will have to be automatically enrolled and contributions will have to be paid into their pension scheme.  Some workers will be entitled to opt in to your pension scheme.

So what do you need to do?

First thing is to find your “staging date” which is the date when your pension scheme must start.  This is not a target date to start to take action. This is the deadline by which you must have registered with The Pensions Regulator and set up an approved pensions scheme, so you need to start planning 3-6 months ahead of your staging date.

Your staging date can be found by entering your employer’s PAYE reference number on the following webpage:-

What is my staging date?

Your employer’s PAYE reference number is in the format 123/AB12345 and is shown on your correspondence from HM Revenue & Customs regarding payroll matters.

Create your action plan

The Pensions Regulator website has a handy tool to create your personalised action plan based upon your staging date.  Their webpage tool can be accessed on the following webpage:-

Create an action plan

Do you need any help

There is a host of information provided by the government and pensions regulator online via their official websites. If you need more help navigating through the regulations then you need to consult an independent financial advisor as pension advice is a regulated activity.

More information can be found on the following websites:-

The Pensions Regulator

Contact us if you would like us to deal with your auto-enrolment registrations.