The Government estimates that millions of people in the UK are currently not saving enough for their retirement. To help solve this problem, the Government has introduced legislation that means every employer will have a duty to put a pension scheme in place. You’ll also have to automatically enrol certain workers into the scheme and make contributions on their behalf.
This presents a huge challenge for your business. You’ll need to understand your automatic enrolment duties, the impact on your business and the changes you’ll have to make.
We can help you with this challenge. We offer a range of services, in conjunction with Banner Jones Wealth Management LLP, which will help you to understand and prepare for automatic enrolment. By starting to plan now, we can help you to mitigate the costs and minimise the disruption to your business.
What does it mean for you?
Don’t under-estimate what’s involved. This process may take longer than you think. You need to have formulated your plan at least 12 months before your staging date.
There’s a lot for you to think about.
- Does your current pension arrangement qualify as an automatic enrolment scheme?
- How will you communicate with your workers and ensure you get the right message across?
- Have you considered the additional administration and cost involved in meeting the new requirements?
- Will your existing payroll process need to be altered?
- Will you be able to cope with the additional administration burden?
- Will you be able to put new processes in place and comply with record keeping and reporting requirements in time?
How we can help
We will provide you with practical help and advice every step of the way through automatic enrolment.
- We can identify your staging date. This is the date your employer duties will start.
- We can review any pension schemes you have in place to find out what you have to do to make it suitable for automatic enrolment.
- We can review your workforce to help you understand what your new duties will be.
- We can design and implement the right pension scheme for your business and your workers.
The next steps
If you fail to automatically enrol your workers into a pension scheme by your staging date you could face fines of up to £10,000 per day. Act now to make sure this doesn’t happen to you.
For more information, or to arrange an appointment to confirm your staging date, call 01246 560570 or email firstname.lastname@example.org.