Workplace pensions reform - time is ticking, are you prepared?
Throughout 2017, 750,000 companies will be required to comply with Auto Enrolment legislation.
The date by which you must comply with the legislation is called a 'staging date'. The Pensions Regulator will be writing to each employer one year in advance of staging, and will be sending reminder letters 3 months before. It is important to note that your staging date is not the date that you need to start thinking about the legislation – it is the date by which you must be compliant.
Due to the volume of companies staging in 2017, it is advisable to start the process and understand what your obligations are several months before your staging date. Employers who leave it too late may face challenges in completing Automatic Enrolment preparation by their staging date, and may therefore be non-compliant. Some product providers are already facing capacity issues, so to avoid missing out on placing your scheme with your provider of choice, our recommendation is to take action early.
You can find out your company staging date by clicking the link below. All you need is your employers PAYE reference number to hand.