Need help? Give us a call now.

N.E.S.T.


nestIn October 2012 we  experienced the most dramatic changes to pension regulations in decades. Essentially all eligible workers must be automatically enrolled into a Qualifying Workplace Pension Scheme with compulsory contributions from the employer.

Auto-enrolment will have an impact on any business that employs staff. Whether you employ just one member of staff or hundreds you are committed to:

  • Automatically enroll employees into a pension scheme.
  • Pay 3% pension contributions for eligible employees.
  • Comply with new regulations, even if you already have a scheme.

The changes bring with them a host of new duties and responsibilities for your company with severe financial penalties if you do not comply. It will pay to plan ahead.

 

Employers can expect

  • Increased pension contributions with up to 90% of employees enrolled.

  • Additional record keeping and reporting responsibilities.

  •  A change existing systems if the current is inadequate.
  •  Significant communication and staff engagement disciplines.
  •  Regular communication with NEST or an insurance company.
  • Increased Accountancy bills if systems break

Early Preparation

Early preparation therefore is essential to ensure the changes required to systems, processes and communication materials are identified and all parties, including HR and payroll, fully understand the complex requirements.

The new legislation will be staged. The staging dates range from October 2012 to September 2016 with larger firms first and smaller firms coming on line last. Although, some firms with less than 50 employees could come on line as early as 2013. We recommend firms plan for this change as early as possible as employment contracts will need changing, existing pension arrangements may need amending and budget forecasts will need reviewing. The danger of not embracing these changes before the required deadline is significant.

Call us today for a no obligation chat to find out how we can help you.

 

Need help? Give us a call or request help by sending us a message through our contact page.

Simply click on the Contact us tab to the right.