Auto-enrolment: Know your staging date
Employers need to find out their auto-enrolment staging date to start planning for the major switch and avoid an administrative nightmare.
As outlined by Paul Rai of Kudos Financial Services at a Mattioli Woods pension seminar in Bristol this week, the most important consideration at this stage is finding out the date from which the new duties apply.
“You need to find out your exact staging date, which will then allow you to plan effectively,” Rai advised.
The staging date is determined by records held by HMRC as at 1 April 2012, based on the number of people you have in your largest PAYE scheme.
“If you’ve got more than two staff you’ll need to set up an arrangement and plan ahead, with at least a nine-to-12-month window for SME companies with no legacy benefit complications,” said Rai...