Personal accounts and auto-enrolment - what does this mean for you? (Employers)

Now

Think about how you are going to discharge your duties from 2012 (or from your staging date). Will this be done through an existing scheme, use of the personal accounts scheme or a combination? Consider the cost implications of widening access to an existing scheme, and, if appropriate, consider an audit of the scheme's rules to see what changes will be necessary. Employers should note that agency and temporary staff must also be included in the scheme therefore they should begin considering their HR makeup. This may be something you are already doing in anticipation of forthcoming changes to the law on temporary agency workers.

By end 2010

As soon as the final regulations are in place develop a policy for how your organisation will deal with employer duties and the pension reforms. Consider the cost implications, dealing with agency, seasonal, temporary and low paid staff and the administrative impact. If applicable, discuss with the trustees of any existing pension scheme any amendments required to allow it to be used to discharge your employer duty.

By end 2011

Put in place a plan to deal with the administrative burdens that will come with the onset of employer duties. This will involve ensuring that you have trained staff, have procedures in place to facilitate enrolment and have updated information as to which of your employees are already members of the pension scheme.

Consider employee information provision, but be careful not to induce opting out of pension provision.