If you're confused about auto-enrolment or need any kind of legal advice on pensions, contact us now. Our London and Reading-based lawyers can help.
With the implementation of auto enrolment, which commenced on the 1st October 2012 and will continue to be phased in until 2017, all employers are obliged to automatically enrol all eligible jobholders in a qualifying pension scheme and pay contributions into that scheme. These new duties are compulsory and it is important that all employers understand how and when they need to comply with them.
Experience to date has shown that it can take between 12 and 18 months to prepare for auto enrolment. Many larger employers have struggled to negotiate the complexities surrounding the introduction of this new savings culture. Yet with financial penalties of up to £10,000 per day for larger employers and the possibility of criminal prosecutions, ignoring the requirements of auto enrolment is not an option. Pitmans’ Pensions team has the experience and expertise to guide you through this process.
Who do Pitmans’ Auto-Enrolment lawyers work for?
- All employers, trustees of pension schemes, professional advisors and employees.
Do Pitmans’ Auto-Enrolment lawyers have any particular areas of expertise?
- Scheme audit – assess if your existing scheme is a qualifying scheme for auto enrolment or whether it needs some tweaks.
- Review and advise upon the alternative scheme structures that you may use to meet your obligations – DB Scheme, DC Trust Based Schemes, DC Contract Based Schemes, Master Trust or Personal Pension Schemes.
- Advise on procedures and processes – opting-in, opting-out and the communication requirements that an employer must satisfy.
- Set out the savings that can be achieved via the introduction of salary sacrifice arrangements and how these arrangements can be fitted in to a flexible benefits package.
- Explain the difference between contractual enrolment and automatic enrolment.
- Describe the practical and financial advantages of postponement.
- Conduct a workforce assessment – review all jobholder eligibility, including self employed and contracted/agency workers, franchisees, cross border workers and TUPE.
- In conjunction with our employment team, review and advise on employment contracts, and provide advice on the new employee protection legislation that has been introduced alongside auto enrolment.
- Clarify the legislation in relation to the ban on the use of consultancy charges in automatic enrolment schemes.
- Advise on pension scheme governance and due diligence in relation to default investment funds. See also DC Governance.