Auto enrolment is a real challenge to your business. Are you ready???
Every employer in the UK will be affected by auto-enrolment. Under new legislation, you are required to enrol all employees that meet certain criteria into a pension plan and then contribute to their pension. Whist this will prove onerous for many firms, this is only the start. There’s a significant administrative burden to auto-enrolment and if you don’t comply with the new requirements you could face a fine of up to £5,000 a day (more if you employ 500 plus employees). For example, you need to:
- Assess which employees are eligible – there are three different categories of worker
- Communicate the right information at the right time (to the right people)
- Manage the payroll (dealing with employees who opt out, new employees and employees who move from one category of worker to another)
- Establish thorough record keeping (you could be audited by The Pensions Regulator at any time)
- Choose a pension plan and make decisions about which investment choices to offer
Even if you have an existing pension scheme in place, you will still have to comply with most of these additional duties and responsibilities. You may believe the government pension scheme, The National Employment Savings Trust (NEST), will take care of the administration, but it won’t.
Fortunately, at Financial Solutions Wales we have a solution that will, a solution that means you can stay focused on building your business – not running your pension scheme.
Want to know more? To find out more about auto- enrolment and your duties as an employer, click on the links below:
FREE initial consultation – We are currently offering employers within the South West Wales area an initial consultation to assess their auto-enrolment duties. This is a free 30 minute consultation.
You could even save money! There is a government-approved process that’s been used for years by large employers to significantly reduce their pension scheme costs. I can explain this to you when we meet.
Please get in touch to arrange a meeting and let us help you to meet your new duties around auto-enrolment – call 01554 770022 to arrange a consultation.
Auto-enrolment is not regulated by the FCA