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Is your business on track to implement that Workplace Pension?
Do you know your Employer Duties?
Do you know your company’s Staging Date? (the date your mandatory duties first apply)

Non-compliance will result in daily fines and in extreme cases imprisonment!!

The law on workplace pensions has changed. All employers are legally required to automatically enrol eligible job holders into a pension scheme and make contributions on their behalf. Auto Enrolment is the name of the process an employer must follow to make a member of staff an active member of a pension scheme. 

An employer must automatically enrol everyone:

Who is aged between 22 and state pension age.
Who works in the UK.
For whom the employer deducts Income Tax and National Insurance.
Who is likely to have gross earnings in excess of £10,000 a year.

There are also new Employer Duties for employees between the age of 16 and 21 and any member of the workforce who is past State Retirement Age and under age 75. 

Ultimate responsibility lies with the employer, many of whom will be under pressure to meet their deadlines. As the Auto Enrolment pension capacity squeeze becomes far more intense, it is advisable to implement a strategy at least 12 months prior to the company’s staging date. Questions from employees about auto enrolment, even at a very basic level, are inevitable, leaving employers exposed to providing answers to any number of queries and concerns, making employer and employee education a key element of successful implementation. 

Avoid the inevitable panic, act now.

This is where our Associates can assist. Utilising their expertise, business owners should be able to focus on their business and not burdened with complicated decisions, such as implementation, administration, investment choices and strategy. They will identify your staging date, explain your obligations and assist in meeting the strict deadlines set out by the Pensions Regulator. 

Adequate preparation time is crucial, a pro-active attitude towards implementation can mean the difference between a costly administration nightmare and an employee benefit that will enable companies to attract suitable employees and in turn promote employee loyalty.

Avoid being issued with statutory notices and fixed, or escalating penalties – contact The Advice Room.

 

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