25 May On-going responsibilities for work place pensions.
Work Place Pensions – On-going responsibilities
The introduction of work place pensions means employers now have more and more paperwork and responsibility to their staff.
So if you have staged already and you have your work place pension scheme in place what are your ongoing responsibilities?
As an employer there are several things you need to do, two of the most important are listed below:
Keep up to date and complete records for all staff enrolled.
Each staff member’s records should include a copy of any correspondence relating to workplace pensions, including the initial offer letter, opt out correspondence, contributions information and any pension policy relevant information.
Included should be: Name and Address details, NI number, a copy of the opt-in notice and joining notice, records regarding the pension scheme, scheme provider name and address.
Correspondence such as opt-in or opt out notices must be kept in their original format.
The majority of these records must be kept for 6 years.
Monitor the ages and earnings of staff.
You will need to monitor new and current staff with regard to eligibility for the scheme. Some of those who are not eligible when you first start your work place pension scheme maybe later become eligible through age or earnings. Make sure you know what to do to enrol new staff members when the appropriate time comes.
Of course it goes without saying that you will need to ensure you pay the contributions to their pension scheme through your payroll administration.
If you haven’t yet staged and would like more information on how we can guide you through auto-enrolment then please get in contact. Alternatively if you are worried about your on-going responsibilities to staff and your payroll function please get in touch.