Workplace Pensions

Workplace Pensions

The law on workplace pensions has changed. Under the Pensions Act 2008, every employer in the UK has a duty to put certain staff into a pension scheme and contribute towards it. This is called 'Automatic Enrolment'. Latest indications show that nearly half a million small businesses will need to arrange their pension scheme this year!

‘The law on workplace pensions has changed. Under the Pensions Act 2008, every employer in the UK has a duty to put certain staff into a pension scheme and contribute towards it. This is called 'Automatic Enrolment'. Latest indications show that nearly half a million small businesses will need to arrange their pension scheme this year!

You may be a hairdresser, an architect or employ a personal care assistant, but if you employ at least one person you are an employer and you have certain legal duties. The Pension Regulator has issued 6,746 compliance, unpaid contributions notices and fines to date and 3,732 in the period October to December 2015! Don’t be one of them - fines start at £400 and can be £50 daily for non- compliance! So small business owners need to:

  • establish a qualifying work place pension scheme,
  • ensure the scheme has an appropriate default fund,
  • issue statutory communications to all employees and
  • enrol all eligible jobholders into the scheme.

Do you have the time to do all this and run your business? Ask yourself “How do I choose the right pension scheme, is my payroll Auto Enrolment compliant, how are you going to tell your pension scheme what to collect and where to allocate contributions?” If you’ve not done anything about preparing for Automatic Enrolment, talk to us we can help you with our fully compliant payroll, workforce assessment and pension selection processes and help you avoid the wrath of the Regulator and get on with what matters most - Making your business a success!

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