- This process can be complex so it is vital that you prepare well in advance and allow yourself plenty of time before your given staging date.
- Consider the financial cost that it will have on your firm and allow a balance between what you can afford and what you want for your employees. Determining the level of staff contributions needs to be revised as this could impact you financially if not prepared in advance.
- Picking the right pension scheme for you could save you a lot of money, so you need to establish a scheme with a good outcome for your employees as well having a relatively low AMC. A low AMC (annual Management Charge) could also be a huge benefit to the individual employees.
- Ensuring there is communication with your staff is essential as it is important for them to understand what is happening. Allowing them to be involved will help them to prepare themselves for what they need to do.
- Establishing an efficient payroll system will relieve the complication of communication, but it is important to make sure that the data is set up correctly so it can be ready for the start of the payroll month, also reviews must be in place in order to determine the accuracy of these payments.
Seeking professional help from an Independent Financial Adviser can help reduce the workload that the complex process of Auto Enrolment involves.
This article is intended for information purposes only and should not be taken as advice.