With legislative changes such as alterations to defined-contribution (DC) pensions already reshaping the landscape for firms stepping into the unknown of the ‘secondary market’, Johnson Fleming believes this is the ideal time for businesses to be auditing their scheme.
Describing auto-enrolment staging as ‘the tip of the iceberg’ for employers, Johnson Fleming says employers now face growing pressure from the governing authority to avoid breaches and ensure the ongoing auditing and compliance of qualifying pensions.
Recognising that little support has been made available for HR, pensions and payroll professionals tasked with negotiating the minefield of scheme governance, Johnson Fleming has launched the second in a series of auto-enrolment and re-enrolment guides.
‘How to…audit your auto-enrolment scheme compliance’ is an in-depth yet accessible read that acts as a pensions health check for businesses.
Outlining key areas professionals should be reviewing to ensure compliance, identifying common areas where breaches unwittingly occur, and providing a helpful auto-enrolment auditing compliance checklist, the guide is designed to demystify the imposing task.
Iain Chadwick, consultancy director at Johnson Fleming, said: ‘As more and more companies pass through the “looking glass” that is the auto-enrolment staging date, there’s no doubt that understanding how to establish an effective and ongoing auditing and governance process is essential knowledge for all involved.
‘The Pensions Regulator has started to bare its teeth and has already issued notices to companies relating to unpaid contributions.
‘The changes to DC will soon start to come into force so there’s no doubt that if you haven’t completed an audit of your auto-enrolment compliance before, now is the time to do it.
‘While the Pensions Regulator will take notice of breaches in your scheme, it is more likely to be interested in how you acknowledge and rectify them.’
Comprising four key chapters covering ‘the communication processes’, ‘the auto-enrolment scheme’, ‘assessment and contribution processes’ and ‘scheme certification’, Johnson Fleming’s guide will act as a useful tool and solid reference sheet for HR, payroll and pensions professionals.
Click on the link below to download the guide