Are you ready for Auto-Enrolment because The Pension Regulator is?
Auto Enrolment commenced roll-out in 2012 and is not going away. If you employ staff now or plan to in the future you have new legal duties which including provide a workplace pension for your staff. The law on workplace pensions has changed: This is called Automatic Enrolment. It’s called this because it’s automatic for your staff – they don’t have to do anything to be enrolled into your pension scheme. But it’s not automatic for you. You need to take steps find the right scheme for your business and to make sure your staff are enrolled by specific deadlines. You will be expected to make contributions in to this workplace pension scheme and so will your staff. If you fail to comply with this law you will be in breech and liable to be fined. There are no exceptions to the rules.
Even if you have staff which do not met the pension rules requirements you are still legally obliged to maintain records proving you have complied with the workplace pension scheme process and these records must be retained for a minimum of 6 years. You should be planning up to 12 months ahead of your “Staging Date” for this major pension law change. You cannot just ignore this because The Pension Regulator will not. All this will cost you valuable time and money to get it right. All indications are that businesses need good professional support to remain within the law both now and going forward in to the future.
Talk to us today Auto Enrolment is not going away. Please read the enclosed leaflet for further information. Suzie and Sara will be contacting you very soon to explain Auto –Enrolment and what you as employees need to do to comply with the new regulations.