Automatic enrolment: Business advisers
22 January 2016
44% of business advisers The Pensions Regulator has spoken to said that their client will rely on them completely to help with automatic enrolment. And in 2016, 500,000 UK employers will start their workplace pensions duties – if you haven’t already been contacted by your clients, you can expect to be approached soon.
Are you prepared to deal with this potential increase in business, and do you know which services you will offer? With this in mind, you may want to contact your clients sooner rather than later to find out when their duties start and agree how you’re going to help them. Then you can identify your busy times and plan your workload.
Decide and agree with your clients what services you will offer
Although the employer ultimately has the legal responsibility for complying with their automatic enrolment duties, there are a number of services you can provide to support your clients.
The Pensions Regulator has developed a business advisers guide to automatic enrolment, which you may find helpful during this process. The guide will provide you with useful information on all the different tasks involved – from choosing a pension scheme and checking who to enrol to completing the declaration of compliance.
Make sure you’re up to speed with all aspects of the process and fill in any gaps in your knowledge by reviewing the business advisers guide.
The Regulator has also recently updated their FAQs.