Workplace Pension legislation has introduced many responsibilities for employers, some of which start long before the date you have to set up a pension for your workers.
What’s more, these duties do not stop once the scheme is in place because, as an employer, you have to continue to meet the regulations and keep a record to demonstrate to The Pension Regulator that you comply.
Here are just some of the things you must do: -
- Confirm your staging date.
- Review it and assess whether it would be advantageous to bring it forward.
- Review your workers contracts and make changes if necessary.
- Assess and categorise all of your workers – including workers such as bank and zero hour employees.
- Research and find a suitable Workplace Pension scheme.
- Assess the options and potential costs.
- Liase with your payroll department / provide to ensure that your scheme is compatible with their processes.
On Set Up
- Set up a scheme and deal with all the Deed and paperwork.
- Enrol workers on to the scheme.
- Issue statutory communications to your workers.
- Prepare payroll and test it with the scheme.
- Manage postponement.
- Process worker opt-outs and opt-ins.
- Register the scheme with The Pension Regulator.
- Submit your Certificate of Compliance.
- Calculate contributions, deduct these from your workers pay, and pass them to the Pension Scheme provider.
- Assess the entire workforce at every pay period
- Manage ongoing opt outs, opt-ins and refunds.
- Process new joiners and leavers.
- Issue ongoing statutory communications.
- Re-enrol workers to the scheme when necessary.
- Maintain records for inspection.
- Declare ongoing compliance as appropriate.
You can choose to perform all these duties yourself, but if you do not have the time or inclination to do so, you can instruct TPA to do it all for you.
To find out which of our solutions is the best fit for your business, click here.