According to the National Audit Office, 5.4 million eligible workers were enrolled in pension schemes by their employers between October 2013 and August 2015. This is a staggering number, but only really accounts for the employees of larger UK companies. The vast majority of employers have still not started their auto-enrolment process.
1.8 million smaller and medium sized employers are required to enrol their workers by 2018. It is important, if you are one of these employers, that you start thinking about how this affects you and your employees sooner rather than later.
As an employer you have responsibilities that need to be met in order to fulfil your duties. This goes beyond simply setting up and paying into a pension for your employees. You have regular, ongoing duties to perform around reporting, assessment and communication to staff. To date, over 500 employers have assumed they have discharged their duties correctly, only to find themselves receiving non-compliance fines.
We have successfully helped 200 organisations with establishing, or in some cases converting, eligible pension schemes for their employees. Our experienced team of advisers and administration staff can support you through every stage of this process.
If you are unsure of what is expected of you, we are hosting a series of useful seminars in February
, alternatively please call Hayley Sharman to arrange a consultation, free of charge, with one of our experienced financial advisers on 01603 619620.