It’s a DAM good time to tackle auto enrolment -
non-compliance could be costly.
UK businesses have had no choice but to review the way they approach their employees’ retirement planning. New pension rules having made automatic enrolment of staff into a company pension scheme non-negotiable unless employees choose to opt out. Auto enrolment is not selective, it requires participation from all registered UK businesses and DAM can be trusted to guide you through the auto enrolment journey and save you money, time and hassle along the way.
In the simplest terms, what is automatic enrolment?
Automatic enrolment is a new workplace pensions process which will see all UK employers automatically enroll their staff into a company pension scheme if they meet some basic criteria.
Staff have the option of opting out of these workplace pensions, but must be auto enrolled first. It is the responsibility of the employer to complete the entire process for staff before their auto enrolment deadline.
The deadline – known as a staging date - for complying with auto enrolment varies depending on the size of each business, with the largest businesses having had to comply with auto enrolment first, while the time for small businesses to sort out auto enrolment is fast approaching. Failure to comply with the new pensions rules and register your staff for automatic enrolment before the deadline brings with it some very heavy fines, making auto enrolment a priority for HR and Financial Directors.
How does DAM solve the automatic enrolment problem?
DAM has already helped several large multi-branch businesses with early staging dates, such as The Dorchester Collection and Malmaison, to comply with auto enrolment and the new pension rules.
We guide businesses through the whole auto enrolment process, instructing businesses on which parts they have to do and when, while we do the rest.
As well as advising on the most cost-effective way to carry out auto enrolment, we’ll keep you up-to-date with which forms need filled out and when, with what data must be collected and we’ll also help you with one of the trickiest parts of the auto enrolment journey: communicating the changes with your employees. Quite simply, we’re there whenever you need us
Every business we have helped with auto enrolment so far has gone through the process without any problems, proving that DAM can be trusted to give expert auto enrolment advice. Don’t just take our word for it, though! See what our past clients have said about our auto enrolment help.
Is an adviser really necessary?
It’s no surprise that here at DAM we believe an adviser is the solution to auto enrolment. But it’s not simply the case that an auto enrolment adviser is a luxury for businesses that can afford one. Rather, involving DAM in your auto enrolment journey can actually work our cheaper for everyone!
It has been estimated that implementing auto enrolment in-house could take the equivalent of 103 working days of staff time. That sounds like a lot and it is. We’ve had many businesses ask us for auto enrolment advice after realising how large the workload and cost in staff hours associated with these new pensions rules is.
Quite simply, it would be better to chat with us before trying to tackle these new pension rules in-house and a brief no obligations meeting with DAM will leave you with a much better idea of what is needed for auto enrolment and who should be trusted to carry it out.