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Auto-enrolment: reporting requirements

 

Auto-enrolment: reporting requirements

Over the past few years we’ve written a lot about preparing for auto-enrolment. Ensuring that their businesses are ready to comply with their new statutory obligations has been a key priority for employers since large firms began staging in late 2012.

Now that small businesses are in the process of introducing pension schemes into the workplace, we must ask: what comes next?

What long-term duties are businesses expected to carry out?

While there are other ongoing responsibilities businesses have to assume – paying monthly contributions for instance – we thought it would be useful to discuss the post-staging date reporting requirements for your workplace pension scheme.

As successfully implementing and managing auto-enrolment is a legal requirement, the penalties associated with non-compliance can be significant.

Reporting to the regulator

After successfully enrolling your employees onto your workplace scheme, you are legally required to report the following information to the Pensions Regulator:

·         Scheme return

Scheme administrators must submit a return every 1-3 years. This is done using Exchange, an online tool accessible with your Pensions Regulator log-in details. The information you need to provide will depend on the type of scheme you operate. Speak to an adviser for further information.

·         Late contribution of payments

If for any reason there is a late payment of pension contributions by the employer, the regulator must be notified “within a reasonable period”.

·         Legal breaches

Employers and trustees must report non-compliance to the regulator if it is likely to be of ‘material significance’. Acts of material significance will be judged on a case-by-case basis and will consider factors such as the causes, effects and reactions to the legal breach.

·         Notifiable events

Employers operating defined benefit schemes have a duty to report all ‘notifiable events’ to the regulator. Notifiable events provide the regulator with advanced warning that the Pension Protection Fund may be called upon.

Contact us

We can help you administer your workplace pension scheme. Contact us on geoffk@knightandcompany.co.uk or give us a call on 01628 631 056 for further information.