By 2018 all employers must have an automatic enrolment (AE) compliant pension scheme in place and have enrolled eligible employees into it. The exact timing for compliance depends on the size of the business. Save & Invest works with employers of all sizes to help them prepare for AE and implement a scheme that meets both the requirements of the legislation and their own business needs.
A company that was struggling to work out what they needed to do for AE asked us to help them. Our team reviewed their workforce, systems and processes and guided them through each stage of AE preparation and implementation. This included preparing a bespoke booklet for staff to explain AE, how it impacts on them and the choices they can make. We helped the employer agree the waiting period they wanted to apply, develop an opt out process along with the on-going systems for ensuring continued compliance.
Save & Invest worked with a large bank to prepare it for AE staging in November 2013. During this six month project, we carried out in-depth research and advised on the most appropriate route for the bank to comply with the legislation which in this case, was through contractual enrolment. We then provided support to develop the systems, processes and materials they needed to achieve AE compliant contractual enrolment and ensure a smooth transition for employer and employees.
We were approached by a mid-sized distribution company that had reached crisis point with AE. With only a month to go before it staged and so had to comply with the legislation, its existing pensions provider told them that they were no longer willing to offer the company an AE scheme. Our task was to, very quickly:
We also helped the company develop and handle staff communications which was particularly tricky as the workforce had already received notification about the new AE scheme with the existing pension provider.