12 Mar On-going Duties and Re-Enrolment for Work Place Pensions
On-going Duties and Re-Enrolment for Work Place Pensions
There are a few things you need to do when it comes to Work Place pensions. Once your scheme is set up you have a list of on-going duties. We have listed below the main duties.
Ongoing duties include
- Keeping accurate records related to administering the pension scheme.
- Assessing staff every time they are paid to check whether they are eligible for AE.
- Enrolling staff if they meet the eligibility criteria and writing to them to explain how AE applies
- Managing requests from staff to join or leave the pension scheme.
- Calculating and paying correct pension contributions for every staff member enrolled in the pension scheme.
- Re-Enrolment procedures
For many businesses it will soon be time to go through the re-enrolment process with regard to Work Place Pensions.
Every three years employers will have to re-enrol all their eligible staff.
You should receive a letter or email from The Pensions Regulator explaining what you need to do and by when. The duties are similar to those which you carried out on your staging date.
Employers must re-enrol their staff in to a pension scheme who were previously enrolled but opted out or ceased active membership more than 12 months before their chosen re-enrolment date. Any staff who have opted out in the last 12 months do not need to part of the re-enrolment process.
So what do you need to do?
The Pensions Regulator will write to you with your re-enrolment date and deadline.
You need to work out who needs to be put back in to your pension scheme and write to all your staff.
Once you have completed your assessment and written to your staff you must then complete a Declaration of Compliance. Your deadline will be shown on your communications from the Pensions Regulator.
Don’t forget the pensions contributions increase as of April 2019. See our previous blog here to find out what you need to do.
If EA Assist has helped you set up your plan we will write to you regarding your re-enrolment duties.
EA Assist can help you set up your work place pensions scheme and help you with on-going duties. Contact us now to find out how we can help you and your business.