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Yes, as a small business our Staging date is April next year, although we were contacted some 12-18 months ago with various communications, so we have looked at schemes, had discussions with Accountants and have had time to plan and incorporate costs last year.
For small businesses the payroll cost is not a lot, increased over several years to max contribution. The greater cost seems to be to pay for someone to manage it if you do not want to perform the task yourself.
Look at it another way, it's a good incentive and a way to attract good staff.
Have you received a Staging Date ?
Hi Gary
Thanks for your reply. I have but to be honest Im so angry about being forced to do this ( I hate the adverts where all the millionaire business owners say "I'm in!) that I have put this on the back burner I think it is 2016 but better check. Ive heard that it could cost upwards of £300-500 per member of staff to set up (?) if I get someone to do it. Do you know how payment is made (is it through RTI software like PAYE) It just appears to be yet another level of red tape and costs that we micro business owners are not equipped for.
There are loads of cavaets about who you MUST enrol and who CAN enrol.
Some employees may decide to 'unrol' themselves, but as an employer you must not place any undue pressure to do either. You must present the options, with imformation and leave it at that. You can not advise on financial impacts etc. The employee must make/take guidance elsewhere.
If think those costs are per scheme set up, with a charge for each employee from the schemes I have seen. The FSB is good starting place (if a member) or talk to your accountant.
Yes, payment (deductions) are based upon earnings etc and are made via payroll RTI's.
It is one area I am happy (?) to delegate to people that know (in my case my trusted accountants) and leave me to concentrate on what I do better.
Nothing is more emotive than pay, so get it wrong and all hell will break lose....hence my approach :)
Our staging date is April 2016 and we have started our company pension scheme early :)
We are also using it as an incentive by matching staff contributions well before we have to. - it is now firmly part of our "employment package".
Don't forget people that your staging date will be fast approaching and subject to some conditions a workplace pension is compulsory.
If you are worried about set up costs and the administration side of things, I have found this company and whilst I am not an expert it may be suitable as a no cost set up to get a basic scheme up and running.
https://www.autoenrolment.co.uk/sign-up?referee_token=hgk5iEoQ
Whilst this is adding costs, which will ultimately be passed onto customers, I think its a good thing for everyone to have access to a personal pension scheme. We have a developing pension black hole and things like this are needed to lessen the problem in the future.
My staging date is Summer 17, but I've already discussed with my staff and collectively we decided to go for it earlier. So will be trying to get it up and running this summer.
Thanks to Nick I've joined the FSB and they have a good scheme which we'll be using.
Going forward I hope it will be a good part of the staff package for recruitment and retention; with "the company" matching employee contributions.
Our staging date is 1st April 2016 and we gone with our Accountant's solution which provides a seemless solution that bolts on to the payroll system they run (and which we use). We simply submit hours and that's it, with no tranferring infomation from one system to another.
I don't disagree that we need to start considering our pension even erlier in our careers now, but I am yet to be convinced that in 'n' years will will not have another pension fiasco, allied to concerns about the Stock Market and BREXIT.
I note the Government is being called upon to further regulate the Auto-Enrollment Pension Providers with several low cost players already being identified as having insufficient funds to service their schemes at retirement age(s).
Good article describing the auto enrollment process with lots of st...
Agree, I think a fair amount of due diligence is required by us the employer to select a reputable scheme.
Banks and BREXIT - far too dangerous to go there!