The new legislation is being phased in over a number of years with the largest employers having to comply first. All employers will be allocated a staging date and you will need to ensure that you have a qualifying pension scheme in place by this date. Even if you already have a pension scheme in place, it may not be accepted as a qualifying scheme under the new regime – your pension provider will be able to confirm this with you.
Once a pension scheme is in place, employers will need to enrol qualifying employees into the scheme, ensure the correct premiums are being deducted and paid into the scheme and manage requests from employees to opt in/out of the scheme.
Employers recognise that the administration burden on them is likely to be onerous with fines being levied if it is not done correctly. In view of this, a large number of employers are turning to pension companies and brokers for help and so even if your staging date is a little while away, we would recommend that you get organised sooner rather than later as many pension providers and advisers are likely to reach client capacity.