Are you ready for auto-enrolment? Pure offers opportunity to find out what it means for business.
The new pension automatic enrolment scheme, introduced last autumn, means that every employer must automatically enrol workers into a workplace pension scheme if they:
- Are aged between 22 and state pension age.
- Earn more than £9,440 a year.
- Work in the UK.
However, the matter is not as straight forward as many people think.
Director of Pure Resourcing Solutions (Pure), Gill Buchanan, says, “With smaller businesses also having to participate in the next few years, now is the ideal time to look closer at the legislation and ensure that everything is in place to make this transition as smooth as possible. Even if you work for a larger organisation that is already taking part, it is vital you understand the implications of auto-enrolment since it impacts issues including payroll processes. For instance, employees who opt out need to be refunded within a defined period.”
This is why Pure ran a series of breakfast seminars throughout June aimed at finance and HR professionals to find out more about the issues behind auto-enrolment.
The seminar provided the opportunity to:
- Broaden delegates’ knowledge on what auto-enrolment really entails.
- Understand the challenges and planning opportunities for your business, including cashflow planning, payroll processes, regulatory interface, broader business planning and recruitment.
- Speak to specialists about the specific challenges your business will face.
- Clarify the questions you need to ask if you use temporary workers.
Steve Webb, Minister for Pensions, said the scheme “will radically alter the way we save for our old age, and see millions more people putting something aside for the future… If we can get between 6 and 9 million more people saving in a pension by the time all employers are in, that’s a genuine savings revolution”.