We’ve spoken to many employers who are confused about when they need to have complied with the new Automatic Enrolment rules.
The deadline is known as your Staging Date and all employers will have one, whether you know what it is or not.
But even after you have found your Staging Date, there are still unanswered questions. Read on for six quick facts about your Staging Date which you might not know.
Fact #1: How do you find out your Staging Date?
It’s pretty straightforward; you need to do two things:
- Find your PAYE reference number (if you run your own payroll you should have this handy, if not ask your accountant or bookkeeper
- Click here to go to the Pensions Regulator Staging Date tool
Enter your PAYE number and up pops your Staging Date.
Fact #2: Your Staging Date is based on the number of workers you had over two years ago
If your Staging Date looks a little strange, perhaps sooner, or later than you thought it would be that’s probably because it is based on data held by HMRC in April 2012 and not current information.
Fact #3: You can’t normally delay your Staging Date
No matter how close your Staging Date is or how inconvenient to your business it can’t normally be changed; you must comply by this date.
Fact #4: Postponement doesn’t alter your Staging Date
The Pensions Regulator has introduced the concept of ‘Postponement’, which sounds like it might allow employers to delay their Staging Date, unfortunately, that isn’t correct.
All ‘Postponement’ allows is for employers to delay their first contribution for up to three months.
Businesses still need to meet their Staging Date and workers have the right to request contributions from their employer during the period of ‘Postponement’.
Fact #5: You can bring your Staging Date forward
Some employers might want to complete their Automatic Enrolment project before their official Staging Date.
This might be because they feel they should ‘do the right thing’ and start to make pension contributions, it may just be more convenient.
Whatever the reason, it is possible to bring forward your Staging Date, but be warned, if you do, it can’t then be moved back.
Does your business need help with Automatic Enrolment?
Contact us today:
0115 933 8433
Fact #6: You need to tell the regulator you have hot your Staging Date
This might sound obvious, but we believe it is something being missed by many employers.
Once you have complied with the Automatic Enrolment rules, you must tell to the Pensions Regulator using an online form.
If you don’t they will assume you have failed to comply, which could lead to enforcement action and heavy fines.
We’re here to help
Automatic Enrolment isn’t going away, your Staging Date is getting closer and the time you have to plan is getting smaller.
Our team of Automatic Enrolment specialists are here to help, get in touch today on 0115 933 8433 or email info@investmentsense.co.uk
