- Why Standard Life
- Workplace pensions
- Employee benefit solutions
- Product information
- Funds and Investments
Your staging date is the date your auto-enrolment duties take effect. The Pensions Regulator will send you a letter confirming your staging date; they should send you this about 12 months in advance.
Let the Pensions Regulator know who will be in charge of the AE process in your business. You can do this through the Pensions Regulator website.
Make sure you've got the right birth dates, National Insurance number, contact details, and pay information for your employees. It'll come in handy for the next bit.
Auto-enrolment is a lot easier if you have tidy data.
You should work out who is eligible and who isn't to get an idea of costs. There’s more about this on on our eligibility page.
There’s more on this later in the costs and contributions section – essentially you need to work out how much things like set up costs, contributions and resourcing the management of the scheme are likely to cost you every week and/or month.
It helps to do an initial assessment of your staff's eligibility at this stage to help plan out your next steps.
Ensure any payroll software or bureau you use is ready to deal with your requirements, and check that your processes will still work smoothly when you’re needing to keep track of staff details and contributions to the scheme once it’s up and running.
Not all pension schemes meet the criteria set out by the regulator, so any existing scheme you have needs to be checked. Your provider will be able to tell you if it’s suitable or not.
If you need to start from scratch, take the time to compare providers. Not all pensions are the same – for example there are different investment options, levels of support with employee communications, retirement support and service levels.
It’s really important to make sure your payroll process can accommodate auto-enrolment.
Once you have a scheme set-up, there are a number of things you have to do at the start.
Make sure you leave long enough to get things up and running. We recommend 12 months before. You’ll have a few decisions to make once you’ve set it up, like choosing a contribution level. We’ll tell you more about that at the right time in your journey.
This is when you need to categorise your workforce so that you know what actions you need to take. You need to make sure you do this by your staging date. There’s more about this on the next page and in your welcome pack once you’ve set up your scheme.
You need to let your employees know, within 6 weeks of your staging date, how auto-enrolment affects them. We can help you do this if you choose a Standard Life scheme.
Employees can choose to opt out of the scheme. We’ll notify all your employees that they have the choice to opt-out and that we’ll manage the whole process for them should they wish to do so. You can find out who has opted-out through regular reports.
It’s really important that you let the Pensions Regulator know you are complying with your duties within 5 months of your staging date. If you don’t, you might be fined. You do this on the Pensions Regulator website. Even if you haven’t actually had to enrol anyone, you still need to do this bit.
There are also a few things that you will have to do every time you pay your staff ... don't worry, we’ll tell you a lot more about your ongoing duties once you’ve set up your scheme, but in a nutshell you need to:
But you don't need to worry, once you set-up a scheme we'll give you a detailed plan so you know exactly what you need to do!
As you can see there's a lot to know. Let’s move on to how to work out who's eligible - once you know that it helps you plan the rest of your journey.