Most businesses will be impacted by Workplace Pension Legislation. If you are a business owner, you will have an added responsibility to comply with Workplace Pension Legislation, i.e. Auto Enrolment.
The Pensions Regulator will notify you at least 12 months before your staging date, and will also send you a reminder 3 months before. We recommend you commence planning for Automatic Enrolment around 18 months before you are set to stage.
This is because this is more than just simply setting up a pension scheme. It will impact on HR, Payroll, IT, Recruitment and every worker must be individually assessed – making the process very time-consuming. If you miss your staging date and you haven’t applied postponement, your business and you could face fines and/or penalties.
Our team is experienced in this area and can not only assist you to understand your responsibility and set up but also run and maintain Auto Enrolment processing and compliance for your business.
If your staging date is approaching or your business is currently non-compliant in this area, please call our friendly team to discuss this immediately.
What is Auto Enrolment?
Automatic Enrolment requires all UK employers to enrol qualifying workers into a pension scheme, which both employee and employer contribute toward. Automatic Enrolment is currently being rolled out in stages across the UK.
What do I need to do?
The first thing you should do is find out your staging date. Once you know when this is, you can start planning to make sure you’re ready in time.
To find out your staging date, visit the Pensions Regulator website (click on the link below):
Start Planning Early
You’ll need to make some changes to allow for automatic enrolments, such as:
- Setting up a pension scheme or modifying an existing one.
- Making any necessary changes to payroll so it can handle the new requirements.
- Putting systems in place to monitor the ages and earnings of your staff.
You must automatically enrol all staff that are:
- Aged 22 or over
- Working in the UK
- Earning over £9,440 a year.
Our Automatic Enrolment Services –
If you are an employer, Financial Partnership, London – can assist you to understand, implement and run Automatic Enrolment taking away this complex responsibility off your mind so that you can focus on other important areas within your business.
We offer various packages that suit different businesses and budgets, we invite you to have a free of charge, no-obligation meeting or phone call to discuss how our firm can assist you and your business.
Call us now on 020 8241 6642