Employers must prepare for auto re-enrolment, warns Hymans Robertson
Hannah English said: “If it’s a seamless process, then they’ll be giving their employees the best chance of maximising their standard of living in retirement.”
Hymans Robertson has warned that medium to large sized employers should begin preparing now for auto re-enrolment into workplace pension schemes in 2025.
This applies to employers with 500 to 50,000 employees, who first enrolled staff in 2013 and are required by law to re-enrol every three years.
The process requires reviewing employee records to identify those eligible for re-enrolment, including staff who are not currently in the pension scheme or who have dropped below minimum contribution levels.
Administrative teams may face increased workload due to complex data processing.
Errors or non-compliance can result in fines.
Hannah English, head of DC corporate consulting at Hymans Robertson, said: “It’s vitally important that companies start preparing as soon as possible to meet their legal obligations for auto re-enrolment.
“Since it was introduced, auto-enrolment has made an enormous difference in getting people enrolled in pension schemes, and ultimately improving their retirement incomes.
“This is a positive trend that employers must ensure is continued by making sure they follow the re-enrolment process in the right way.”
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