Since the introduction of auto-enrolment in 2012, it has been a popular topic in the press. Recent media focus has been geared towards small and micro employers; however attention is set to return to the UK’s largest businesses as they prepare for re-enrolment.
Johnson Fleming has produced a useful guide that provides essential information to help you through this process including;
- Why
- When
- Who
- Remaining compliant
- Avoiding fines
Automatic re-enrolment occurs every three years and provides a chance for your business to review its workplace pension scheme, and presents an opportunity to assess whether your processes remain the best fit for your business.
Re-enrolment is a mandatory part of the government legislation and you must prove that you have complied within the prescribed timescales outlined by The Pensions Regulator. Daily fines of up to £10,000 a day are laid out in their enforcement policy.