Pensions Auto-Enrolement Clock Is Ticking
Are You Ready? Manufacturing companies are being urged to get ready for the new pension auto-enrolment legislation which will come into force for thousands of local firms during 2014.
The new reform requires every business in the UK to automatically enrol eligible employees into a qualifying workplace pension scheme and to pay contributions on their behalf.
The largest employers across the UK have been complying since 2012 but the next six months will see auto-enrolment become a reality for many firms in Northern Ireland’s manufacturing sector. All businesses with between 62-499 employees will have to comply between January and July 2014 whilst those with fewer employees will have staging dates through to 2017. Contrary to what the ‘auto-enrolment’ name suggests, the process is by no means automatic and we would recommend that member companies begin their preparation at least six months in advance of their staging date.
The process can seem daunting to even the most organised business but with the right support and guidance it can be made much simpler. Workers Pension Trust – a local expert solution Workers Pension Trust, a not-for-profit organisation, is the only Northern Ireland-based full auto-enrolment solution available to all businesses. MNI have been working with them and recommend the service to our members. The pension scheme is suitable for all employees, across all income brackets and is based on more than 30 years’ experience delivering multi-employer pension schemes. There is no charge to businesses joining Workers Pension Trust and the organisation offers a FREE auto-enrolment support programme including a six month planner, employee leaflets, workplace posters and employee communication templates, for firms using their scheme. To start your auto-enrolment programme, please visit www.workerspensiontrust.co.uk or contact Iain Ferguson on 028 9087 7142 or firstname.lastname@example.org