If this is you don’t panic!
My name is Becky and I am the Payroll Manager and this is what I get asked all the time.
So what does the letter mean for you?
The Pension Regulator (TPR) has been advised by HMRC that you have a payroll scheme and the government insists that you operate a pension scheme. Have you seen the “Workie” adverts? You know the one I mean, that great big cute purple monster:
First you need to check who is on your payroll. If you employ anyone then you will need a pension scheme. It doesn’t matter if they are too young, too old, are casual or part-time.
There are a few situations where you don’t need a pension scheme but please contact me if you think this applies to you.
So how do you choose a pension scheme? You can ask your financial adviser, if you have one, or I can introduce you to an adviser who will be pleased to work with you. Alternatively, you can go and have a look at the vast array of information on the TPR website.
Once you have a pension scheme then auto-enrolment becomes just another stage in your payroll process after your routine submission to HMRC. You will need to submit pension information to your pension provider and then tell your employees what you have done.
So what are you waiting for? If you have received a letter, you need to act now so that when the time comes (known as your Staging Date) your systems are all setup and ready to go.
If you would like more advice and assistance in any stage of the above process please get in touch.