Posted on: 07/09/2017
The Pensions Regulator has announced that they are carrying out spot checks to ensure that employers, regardless of size, name or industry, are complying with their auto enrolment duties, with Manchester being one of the first target areas. This move is part of a nationwide enforcement campaign to check that qualifying employees are being given the workplace pensions that they are entitled to.
Our top ten tips will help you to prepare should the Pensions Regulator come knocking on the door of your business.
1. Ensure your payroll data is accurate. Your ongoing employee assessments are dependent on the correct data being available.
2. Your employee communications must be compliant. Please make sure that they do not
encourage your employees to “opt out”.
3. Employer contributions must be in line with the statutory minimums and paid within
the prescribed timescales. Is this the case?
4. Does your pension scheme meet all necessary requirements to be deemed a Qualifying
Workplace Pension Scheme?
5. Ensure you have completed your Declaration of Compliance and your Scheme Certification and record appropriately.
6. Prepare for Re-enrolment and the associated challenges?
7. Monitor the performance and risk of your default fund, and document your research. It is an
Employer’s responsibility to do so.
8. Keep an audit trail! This is essential – particularly in case of an inspection.
9. Commission an independent Auto-Enrolment audit for security and peace of mind.
10. If the audit highlights shortcomings, put in place a corrective action plan and notify The
Pensions Regulator (TPR). A proactive course of action will be viewed favourably.
The Finch team are experienced Auto-Enrolment auditors and Employee Benefits specialists. If you would like to take advantage of our no obligation, free audit service, please email Martin Sumner at email@example.com or call the team on 0161 228 1466.Go back to Top Ten Tips