The auto-enrolment pension reforms continue to spread confusion throughout the construction sector, with many business owners and managers still unaware of what the changes mean for them, their employees and their accounting systems.
The reforms, which began to come into effect incrementally earlier this year, are an effort by the government to ensure that more workers are able to adequately prepare for their futures through sensible financial planning.
From an employer’s perspective, this means that you will be required to register any qualifying employees with the Pensions Regulator, enrol them onto a suitable pensions scheme and even contribute to their schemes yourself, all before your relevant ‘staging date.’
Integrity Software’s Justin Moule explains: ‘As with any new piece of legislation set to be introduced, business owners and managers search for information as relevant to their sector as possible, and construction businesses are no different.’
‘There is still likely to be a level of confusion regarding an employer’s role following the pension reforms, including what they’re required to do and when they need to do it by. That’s why we created our construction industry guide to auto-enrolment pension reforms to ensure that everyone has the necessary information at their fingertips.’
Integrity Software’s guide to auto-enrolment pension reforms covers everything from an introduction to the change in legislation to calculating your staging date and determining employee eligibility. All of your duties and requirements as an employer are covered in our concise guide, so there oughtn’t be any need for confusion in future.