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The year in review by the Pensions regulator 2013-14

The Pensions Regulator report 2013-14 has been released and it makes for some good reading. If you want a copy of the overview please click the following link tPR report 2013-14 overview or for the full annual report

I am just going to talk about the Auto Enrolment side of things:

  • Over 10,500 employers registered
  • 3,200,000 workers were enrolled into qualifying schemes
  • 99% of employers were compliant without the need for tPR to step in
  • Only 14 compliance notices were issued

Great, that is a good start….but what about the remaining 1,100,000 or so employers to go.

As the number of employers reaching their staging date increases, tPR by necessity is going to need to automate more of their processes. This will mean more letters, warnings and compliance notices. For example if you have not made your declaration of compliance (which is the artist formally known as registration) within 5 months after your staging date, 4 weeks after this a letter will be sent – no one will call to see how you are, how they can help, what you need to do – which is what happened with the large companies… 4 weeks after this an employer could be looking at a fine – potentially, I say potentially because tPR has stated that it will try to help, but with the sheer numbers of employers all staging at the same time (on average 40,000 employers from mid 2015 unitl 2018!) I do not see how they will be able to manage.

This is just one example of why you need to get things moving early and avoid the capacity crunch.

Simply Enrolment: AE  Ready

TAP Assist has just launched a “solution in a box” called AE Ready; It is a very cost effective and detailed DIY programme that will steer a company through the Auto Enrolment minefield and manage their compliance prior to staging, at staging and going forward.

Features of Simply Enrolment:

  • DIY Auto Enrolment
    • Guidance and support available
    • up to 18 months before the company’s staging date
  • Set up now
    • Notification of the actions you need to take
    • Regular Information and updates
    • Checklists, Reminders, Newsletters
  • Letters and Posters (pre and at staging communications)
  • Set up a pension (Guaranteed to be in place at staging)
    • Take any size of company
  • Set up IT infrastructure
  • Managed Service

For more information go to  the Simply Enrolment website