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Auto-Enrolment for Pensions for Employers, are you prepared?

6 August 2015

Small and micro businesses need to be considering

Auto-Enrolment for Pensions

and the financial and administrative effect on their business.   The Pensions Regulator has stated that it is concerned that only a third of businesses actually know when their staging date is, a frightening statistic.   With over 1.8 million Employers set to enrol by 2018 this means there is no room for complacency for business owners and it is important that they start acting now.  There are concerns that if Employers leave it until the last minute that demand will exceed the supply and some software providers may not be prepared for the heavy influx of new customers.

Many Employers especially micro businesses are very likely to be exempt from doing anything especially those that are owner-managed companies, yet even in these circumstances there is some work to be done.   It is important to ensure you have the knowledge well in advance to be able to deal with your own position quickly and efficiently without it affecting your business.  Aut0-Enrolment for Pensions is here to stay and with many large and medium Employers already enrolled in the scheme we can not see a U-turn for those smaller Employers.

There are two simple guidelines that you should be adopting today:-

  1. Find out when your staging date is by entering your PAYE reference on the Pension Regulator website.
  2. Seek advice from either your Accountant or Financial Advisor about what your responsibilities are.

Doing nothing is not an option when it comes to Auto-Enrolment for Pensions and even if you think that you are not eligible, if you have a PAYE scheme in operation you will be expected to undertake some form of administration.    Penalties will be issued for non-compliance with the regulations so it is in your interest to ensure you have piece of mind.