Are you one of the thousands of small and medium-sized businesses about to reach your auto-enrolment staging dates? Recent research by The Pensions Regulator has found that around two thirds of businesses have yet to start their preparations, and many have no idea when their staging date is, or how much auto-enrolment might cost them. If this sounds familiar, help is at hand.
As staging dates loom, the research implies that many smaller companies in the UK are struggling to prepare for the implementation of auto-enrolment.
As an employer you are now required by law to set up a qualifying workplace pension scheme and automatically enrol certain employees into that scheme. You are required to make pension contributions for the majority of employees who join and remain in the scheme whilst also complying with other statutory obligations.
The recommendation from The Pensions Regulator is that you start preparing for auto-enrolment 12-18 months before your staging date. The earlier you start the easier it will be.Financial Penalties
One worrisome aspect to bear in mind is that The Pensions Regulator has the power to impose fines if you fail to comply with the regulations. A fixed penalty notice of £400 can be issued and should continue to ignore your duties you could face an escalating penalty of between £50 and £10,000 a day.We’re here to help
To find out more about auto-enrolment and how it will affect you and your company, our expert team of financial advisers would be pleased to meet with you and look at your options. Please contact us for a free initial consultation.
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Lovewell Blake Financial Planning is authorised and regulated by the Financial Conduct Authority.