We've put together a checklist

It helps to plan well ahead, so we’ve put together a checklist of all the things you’ll need to think about now and in the future.

  • Check your staging date and ensure you're well prepared to begin automatic enrolment from that date.
  • Check if your current plan complies with the new regulations (a 'qualifying pension plan'). If not, make the necessary changes or put in place an alternative plan. Remember that although, subject to our agreement, your existing plan may be used for qualification purposes, you'll still need to consider how you automatically enroll new eligible jobholders.
  • Have a contract in place with the relevant pension provider to pay the statutory contributions.
  • Identify current eligible jobholders who should be automatically enrolled, those who should be offered the option to join and others who should receive general information on the pensions you offer.
  • Decide how you'll carry out payroll, plan eligibility assessment and pension contribution calculations.
  • Consider how you'll manage the opt-out process.
  • Decide whether you plan to implement the three month deferral for automatically enrolling eligible jobholders - if so you'll need to notify all jobholders of your intentions.
  • Do you need to increase the contributions that you and / or your employees need to pay from April 2018 and April 2019 to meet the minimum contribution requirements?
  • Decide on the contribution level - will this be certified?
  • Decide whether contributions should be tiered for different groups.
  • Understand how the first month's contributions will be handled.
  • Make sure you’ve made the right financial provisions for a change in contributions.
  • Select an appropriate default arrangement for the plan, which is also compliant with the charge cap.
  • Introduce controls to ensure mandatory disclosure requirements are met, including communications with The Pensions Regulator.
  • Ensure your record-keeping processes can handle the new demands.
  • Develop a robust communications plan.
  • Consider when your re-enrolment date will be. This will usually be 3 years from the initial staging date (with scope to move the date up to 3 months earlier/later).

Next Steps

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