There’s a lot of noise about it – in the press, on TV Ads and on the radio, but does it affect me?
The answer is yes it does – if you are an employer you have to comply with the new legislation, and plan for the additional cost to your business. If you are an employee, then if you are the right “Age and Wage” you WILL be enrolled into a company pension plan..
What does it mean for employers?
There are around 500,000 businesses due to stage for auto enrolment in 2016. The Pension Regulator’s(TPR) figures suggest that around 10% will fail to comply and receive warnings or fixed penalty notices; this would mean that a massive 50,000 UK businesses could receive warnings or heavy fines for non-compliance.
The Pensions Regulator is warning SMEs to plan for auto enrolment in good time, most compliance notices were issued because employers had left their preparations too late. TPR and Harlands recommend that businesses begin to prepare for workplace pensions upto 12 months before their staging date
How can we help?
We've now staged a number of clients and from our experience, we've created our 5 top tips to keep auto enrolment as hassle free as possible for you.