By Ilonka Oudenampsen
The Pensions Regulator has developed online interactive tools to help smaller businesses begin preparing for automatic enrolment.
The tools will help employers find out more details about when the changes to pensions law will affect them; which employees need to be auto-enrolled; how to auto-enrol staff; and how much they need to contribute to their staff’s pension.
Employers will only have to fill in basic information, such as their PAYE reference, the number of employees and salary information. The regulator said the interactive tools should be familiar to many users, as they resemble many other online financial and budgeting tools.
Minister for Pensions Steve Webb said: “We know that easing burdens on small employers will be key to making automatic enrolment a success. That is why I’m very pleased that the regulator’s new tools will be a simple and practical way for small businesses to learn about their duties.”
Bill Galvin, chief executive of the regulator, said: “Workplace pensions law is changing and every employer will have to act. Automatic enrolment will not affect the bulk of small businesses until 2015 or 16. We nevertheless urge all employers to take some time right now to look up their automatic enrolment duty date so that they know when the new law will apply to them - and make a note in the diary to take action in plenty of time. The regulator will also write to all UK employers at least twice in the lead up to their duty date.”
The release of the interactive tools follows earlier publications by the regulator, such as the summery of duties, an employer checklist, a trustee checklist, detailed guidance and software guidance.
The new online interactive tools can be accessed here