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...

Continued...

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Comments
johnjenkins's picture

Fines won't matter

johnjenkins | | Permalink

when you're bankrupt or in liquidation.

This should be really fun. Watch out for the U - turn.

Over Retirement Age

bobhurn | | Permalink

2 of my four employees (4 includes myself) are over retirement age and drawing state pension.  I assume that the two older members of staff are exempt from auto enrolment obligations?

TheTaxBoy's picture

Auto-Enrolment

TheTaxBoy | | Permalink

 

Bobhurn,

 

You are correct that the "older" members of staff do not need to be auto-enrolled, however should they ask to be, you will need to enrol them.

This is applicable up until the age of 74.

 

Pinny

 

 

.

ireallyshouldkn... | | Permalink

Its going to be like the working time directive all over again.  Management standing over staff with a pen in their hand signing waivers, allbeit no-one seems to give a stuff about that legislation any more. 

Still not for a couple of years yet, no panic yet. 2017 or something. 

1 staff member?

Wiganer Elaine | | Permalink

I have had a look on the Pension Regulator website and that seems to indicate that ALL employers who pay a member of staff over £9440 (in 2013/14) will have to have a scheme in place to auto enrol the said member of staff.

The OP seems to suggest that this scheme applies only to employers with more than 2 Members of staff? (ie 3 or more?).

Can anyone clarify this?

Thanks

DMGbus's picture

Staging date chart - number of employees

DMGbus | | Permalink

http://www.thepensionsregulator.gov.uk/employers/staging-date-timeline.aspx

From this it can be seen that for employers with less than 30 employees it is at least 2 years away.(ie. mid 2015 onwards).

Now, whether this needs 18 months of "preparation" incurring expensive fees of financial advisors is another matter.

As far as I see it too much money is at risk of being consumed by financial advisors,

Another scheme with ostensibly good intentions, but at risk of being undermined by the financial services industry carving themselves a cut.

Cynics might say that it was devised to help the financal services industry rather than workers.

FSB

bobhurn | | Permalink

I understand that the FSB will have a scheme aimed at smaller employers, I've not seen the detail but may be worth checking out