Auto-enrolment is coming. Employers, this applies to you...
Whether you have 5, 50 or 500 members of staff. Many smaller and medium sized businesses either don't think it applies to them or haven't begun planning yet. If you have fewer than 50 employees you may be required to contribute to a pension scheme for them as early as June 2015.
It appears that the first wave of auto-enrolment staging dates have gone by without too much fanfare. Large companies with huge HR resources and dedicated pensions teams have successfully enrolled their staff onto compliant pension arrangements.The next 18 months will see the staging dates for all but the very smallest companies. Worryingly in a recent survey* over half of employers from a sample of medium to small businesses did not think Auto-enrolment applied to them or were not even aware of it at all. (*YouGov for RSM Tenon)
“We’ll apply the law fairly and where we find consistent or willful non-compliance we will use our powers, so that employees do not miss out on contributions they are due.” Bill Galvin, Chief Executive of The Pensions Regulator
Do not assume not knowing will be a good enough reason to avoid a fixed penalty followed by an uncapped escalating fine. If you are not ready the fines for 5 to 49 employees include a fixed fee of £400 plus £500 per day.
Auto-enrolment, what does this mean for us?
Employers need to be aware of the complexity and time involved in implementation and be putting plans in place NOW. We can give you the knowledge and the tools to get you started.
We are holding two seminars in the North and South of the county to inform you of all you need to know about Auto-enrolment and what it means for you and your company.
Working Lunch Seminar
Tuesday 17th September 12 noon
• Learn about when your staging date will be and the timescale involved in setting up / transferring a scheme
• Find out what the costs could be for your business, but also the cost of non-compliance
• Start planning the process and the changes you will need to make to your HR policy and documents
• Take away useful information and planning tools to get you started
to book a place e-mail Rebecca or call 01539 725855