Auto Enrolment for Small Employers
Workplace pensions have arrived! Here is a useful overview to help you understand the requirements and your obligations
Following the introduction of Pension Reform there is now a requirement for every employer to offer a workplace pension. The rules around Auto Enrolment (AE) mean that there is greater onus on employers to act in compliance with The Pensions Regulator and as small employer the focus is now turning to you to make sure that you have undertaken a number of processes to ensure that you are complying with the legal requirements and, supporting your staff effectively.
Monahans is well placed to help you with the Auto Enrolment process, having already helped many employers achieve compliance through our structured service aimed at taking the burden away from owners and managers of businesses. AE is complicated but if you employ at least one person, you have new duties to help them save for retirement and after large employers have employers have all had to act the next two years will see small and micro employers need to undertake action on AE.
How can Monahans help? We have provided a useful overview of what smaller employers will need to consider and actions that they will need to take. This can be found here. This overview also contains an explanation of how one and two director/employee situations needs to be handled. We have also produced a table that maps the activities for employers with details of how Monahans can help you ensure that you meet your legal obligations as an employer. This can be found here. It is important to note that AE puts much more pressure on the payroll process each month and employers are already taking the opportunity to outsource the payroll as part of implementing AE. We can help here as well and it is safe to say that we can reduce or eliminate the stresses and strains of AE for smaller employers if we also process the payroll each period.