Book Review: How to…audit your auto-enrolment scheme compliance Book Review: How to…audit your auto-enrolment scheme compliance

Book Review: How to…audit your auto-enrolment scheme compliance
31 Oct 2014

“As the regulator starts to bare its teeth and the changes to defined contribution (DC) pensions mentioned in the [UK] Budget and Queens Speech start to come into force, it is now more important than ever to fully understand whether your scheme and the processes you have put in place to manage it remain compliant.”

This timely warning to those negotiating the minefield of pensions, auto and re-enrolment encapsulates the key message of leading independent workplace pensions and employee benefits specialist Johnson Fleming’s myth-busting industry guide.

For many HR, payroll and pensions professionals, whose mandatory hard work and long hours have safely seen them meet their auto-enrolment staging date successfully, the challenges of auditing and ensuring compliance in the secondary market are a step into the unknown.

Part of Johnson Fleming’s series of auto-enrolment and re-enrolment guides, ‘How to…audit your auto-enrolment scheme compliance’ is an in-depth yet accessible read which acts as a comprehensive pensions health check for businesses.

Prevention is better than cure

The book states: “Whilst the pensions regulator will take notice of breaches in your scheme they are more likely to be interested in how you rectify them.

“Hopefully your audit will show you that everything is running smoothly and the hard work you have put in has paid off, but if it does uncover some areas that need attention: it is far better for you to discover them than the regulator.”

The guide is designed to demystify the imposing task faced by many HR and payroll professionals with little prior experience of the challenge. It outlines the key areas that professionals should be reviewing to ensure compliance, identifying common areas where breaches unwittingly occur and provides a helpful auto-enrolment auditing compliance checklist.

And as more and more companies pass through the ‘looking glass’ that is the auto-enrolment staging date, there’s no doubt that understanding how to establish an effective and ongoing auditing and governance process is essential knowledge for all involved.

Comprising four key chapters covering the communication processes, the auto-enrolment scheme, assessment, contribution processes and scheme certification, Johnson Fleming’s guide is an eye-opening read that certainly doesn’t sugar coat the consequences of failure to comply.

One example reads: “The regulator has already issued notices to companies relating to unpaid contributions and made an example of one company who owed over £100,000 in unpaid “The regulator has already issued notices to companies relating to unpaid contributions and made an example of one company who owed over £100,000 in unpaid contributions, due to issues with their payroll systems and processes.”

The guide condenses a convoluted subject into well-defined and absorbable chapters and presents an extremely useful tool and solid reference sheet for HR, payroll and pensions professionals.

There’s no doubt, if you haven’t completed an audit of your auto-enrolment compliance before, now is definitely the time to do it.

 

Author Johnson Fleming is a leading, independent workplace pensions and employee benefits specialist, providing outsourced support to UK businesses.

“As the regulator starts to bare its teeth and the changes to defined contribution (DC) pensions mentioned in the [UK] Budget and Queens Speech start to come into force, it is now more important than ever to fully understand whether your scheme and the processes you have put in place to manage it remain compliant.”

This timely warning to those negotiating the minefield of pensions, auto and re-enrolment encapsulates the key message of leading independent workplace pensions and employee benefits specialist Johnson Fleming’s myth-busting industry guide.

For many HR, payroll and pensions professionals, whose mandatory hard work and long hours have safely seen them meet their auto-enrolment staging date successfully, the challenges of auditing and ensuring compliance in the secondary market are a step into the unknown.

Part of Johnson Fleming’s series of auto-enrolment and re-enrolment guides, ‘How to…audit your auto-enrolment scheme compliance’ is an in-depth yet accessible read which acts as a comprehensive pensions health check for businesses.

Prevention is better than cure

The book states: “Whilst the pensions regulator will take notice of breaches in your scheme they are more likely to be interested in how you rectify them.

“Hopefully your audit will show you that everything is running smoothly and the hard work you have put in has paid off, but if it does uncover some areas that need attention: it is far better for you to discover them than the regulator.”

The guide is designed to demystify the imposing task faced by many HR and payroll professionals with little prior experience of the challenge. It outlines the key areas that professionals should be reviewing to ensure compliance, identifying common areas where breaches unwittingly occur and provides a helpful auto-enrolment auditing compliance checklist.

And as more and more companies pass through the ‘looking glass’ that is the auto-enrolment staging date, there’s no doubt that understanding how to establish an effective and ongoing auditing and governance process is essential knowledge for all involved.

Comprising four key chapters covering the communication processes, the auto-enrolment scheme, assessment, contribution processes and scheme certification, Johnson Fleming’s guide is an eye-opening read that certainly doesn’t sugar coat the consequences of failure to comply.

One example reads: “The regulator has already issued notices to companies relating to unpaid contributions and made an example of one company who owed over £100,000 in unpaid “The regulator has already issued notices to companies relating to unpaid contributions and made an example of one company who owed over £100,000 in unpaid contributions, due to issues with their payroll systems and processes.”

The guide condenses a convoluted subject into well-defined and absorbable chapters and presents an extremely useful tool and solid reference sheet for HR, payroll and pensions professionals.

There’s no doubt, if you haven’t completed an audit of your auto-enrolment compliance before, now is definitely the time to do it.

 

Author Johnson Fleming is a leading, independent workplace pensions and employee benefits specialist, providing outsourced support to UK businesses.