Ensuring your workplace pension scheme remains compliant
Posted on Apr 09, 2018
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All businesses that
For most companies, the thought of introducing a workplace pension scheme seems like a huge responsibility, particularly as not complying with the associated rules and regulations comes with hefty fines - so it’s important to get it right and to keep following the rules.
At The Goodman Partnership, we help businesses to implement a suitable scheme, adapt their payroll process so that employees
When an employer sets up their workplace pension scheme,
Once the initial compliance duties have
Other things an employer will need to do to remain compliant
- Making sure all eligible employees
are automatically enrolledin the workplace pension scheme –this includes assessing new members of staff, or an existing employee when they reach their 22nd birthday, or when their monthly pay reaches the threshold ( currently£833) that takes them into the bracket for automatic enrolment.
- Dealing with other team members who are not eligible to
be automatically enrolledbut may want to opt in to the scheme.
- Processing eligible employees who have
decided to optout of the scheme.
- Carrying out re-enrolment duties every three years, whereby members of staff who have opted out of the pension scheme or ceased paying contributions
are assessedand re-enrolled in the scheme if eligible. And completing an online re-declaration of compliance.
- Meeting their ongoing record-keeping duties.
As part of our service, we will produce an annual governance report which includes a review of compliance – making sure your scheme has met the rules and suggesting improvements where necessary – as well as suitability, administration and employee engagement.
If you’d like to know more about how The Goodman Partnership can support the ongoing management of your workplace pension scheme or any other employee benefits, call Graham Rose on tel: 01892 500 600 or click here: www.goodmanemployeebenefits.co.uk/