The top 3 questions that employees are asking their pension companies are:
- What is re-enrolment and what does it mean if I have been re-enrolled?
- How do I track down my lost pension savings?
- Where can I find out more about my Online Pension account – viewing my annual statement, updating my details and nominating my beneficiaries?
If your employees are asking you these questions, Just Simply Organised can help. We are an experienced payroll bureau providing full payroll and Auto-Enrolment pension services to our clients.
All employees need to be encouraged to engage with their pension company via their online account so that they can administer their own pension account and keep track of their retirement savings. 1 in 5 people have lost track of a pension and it is important that employees recognise that it is their responsibility to administer their Auto-Enrolment pension pot, just as they would any other financial commitment that they have.
While Auto- Enrolment is the employer’s responsibility, Just Simply Organised have a pro-active approach to encouraging employees to engage with their Auto-Enrolment Pension, providing links to relevant website information via messages issued with their payslips, which are securely emailed to each individual employee. We can also provide employer resources which can be displayed in the workplace to further employee involvement in their pension pot.
Please click on the attached link to find out more about tracing lost pensions.
Be ready for the regulator’s inspections
The Pensions Regulator has been vigilant with their required inspections in recent months. With an unknown London-based company being fined £350,000 for not meeting their pension duties* – employers will need to be ready.
Darren Ryder, The Pensions Regulator’s Director of Automatic Enrolment, commented on the fine: “This case also demonstrates it’s vital to carry out both ongoing duties and re-enrolment correctly. We will take action to ensure that not only are staff put into a pension, but they continue to receive the correct contributions on an ongoing basis, that those who opt out are re-enrolled correctly, and given their right to start saving.”
It’s the employer’s responsibility to carry out their duties and provide the regulator with the evidence they require, but you don’t need to do this alone. Just Simply Organised can help with this. If we run your payroll and Auto Enrolment Pension, all of the required records are available. If you are notified of a forthcoming inspection, please contact us in advance and we can provide the necessary information so that you have it all to hand.
*Source: The Pensions Regulator’s press release: Employer handed six figure fine for workplace pension failures
All content provided in this blog is for information purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.