REVIEW No.1 Brand for Curries & Gravies - National Federation of ...

THE fish friers REVIEWIssue 7 November 2013The new workplacepension scheme –Step 6: “Registering withThe Pensions Regulatorand keeping records”For more information, please visit: www.thepensionsregulator.gov.ukTHE SEVEN STEPS:1. Know your staging date2. Assessing your workforce3. Reviewing existing pension arrangements4. Communicating the changes to all workers5. Automatically enrolling “eligible jobholders”6. Registering with The Pensions Regulator and keeping records7. Contributing to workers’ pensionsWithin four months of its staging date, an employer will be required to register with ThePensions Regulator. Registration is needed to record how the employer has complied withits duties, and to provide to the regulator an overview of the employer’s information. It willalso help the regulator to detect non-compliance.Registration is easy as is carried out on-line. When registering, employers must providethe regulator with the following information:• Details of the employer’s business such as name and address.• Details of the scheme / schemes the employer is using to comply with the employerduties.• The number of eligible jobholders who have been automatically enrolled.A checklist can be found on the website www.tpr.gov.uk/emploers/registration. Employersshould work through this before registering.Keeping recordsThe new duties also introduce new legal requirements on employers (as well as trustees,managers etc) to keep records about workers and the pension scheme used to complywith the employer duties.The records that must be kept are:• Records about job holders and workers: name, National Insurance number, opt-in noticeand joining notice.• Specific records about the pension scheme, e.g. pension scheme reference number andthe scheme name and address.These records must be kept for at least six years. Records relating to opting out and thepension scheme must be kept for at least four years. It must be possible to arrange recordsaccording to their corresponding pension scheme reference, and they must also be legibleor stored so that they can be produced in a legible form. Employers can use electronic orpaper filing systems to keep their records.Where the employer is using an external service provider it is expected that an appropriatesystem be in place to ensure that record-keeping requirements are adhered to and thatrecords can be produced in a timely manner if requested by the regulator.Employers who carry out in-house pension’s administration on behalf of the trustees ormanagers of the scheme can find out more about record-keeping for administrators bylooking at: www.tpr.gov.uk / guidance / guidance-record-keeping.The steps we have featured in The Fish Friers Review include:Step 1: Know your staging date – issue 2.Step 2: Assessing your workforce – issue3.Step 3: Reviewing existing pension arrangements – issue 4.Step 4: Communicating the changes to the workers – issue 5.Step 5: Automatically enrolling “eligible jobholders” – issue 6.All the steps are available electronically to NFFF members.Who will get you up and fryingwhen your chips are down?Should disaster strike your business, you need to be up and runningagain in the quickest time possible.Mercury Commercial Insurance are specialists in insuring fish & chipshops by offering flexible, tailor-made packages written for eachindividual shop at truly competitive prices.To get a quote and find out more call0845 337 9924or visit www.mercurycommercial.co.ukenquiries@mercurycommercial.co.ukMERCURYCOMMERCIAL INSURANCEAll information detailed above is subject to terms and conditions. All the facts material to theinsurance policy must be given to your insurance broker as failure to do so may invalidate your policy.Look out in the next issue for advice on step 6 “Contributing to workers’ pensions”.If you’d like to follow these steps in every issue please call Louise on 0113 230 7044 about becoming a member of the NFFF8