The Pension Regulator is reminding SMEs that re-enrolment must be carried out every three years and it is a two-stage process.

First, employers must check whether they have any staff to re-enrol and ensure those who are eligible are put back into a pension scheme. They must then complete and submit their re-declaration of compliance.

The Regulator states that the ‘majority of employers will not have staff to re-enrol, however they must still complete their re-declaration of compliance to confirm they have checked whether they need to re-enrol any of their staff, even if none were re-enrolled. This is a legal requirement and failure to both assess and re-enrol eligible staff and make a declaration could result in a fine.’

The Regulator has launched a new re-enrolment tool, to support SMEs around the re-enrolment dates. It asks a few basic questions before taking users through to a list of duties.

For example:

Write to staff that you have put back into your pension scheme

Use our example letter template to write to staff to tell them that you’ve put them back into your pension scheme.

Do this within six weeks of the third anniversary of your staging date.

Article from ACCA In Practice