Are You Ready For Automatic Enrolment?
Do you know your staging date?
Automatic enrolment applies to every employer with at least one member of staff in the UK (with the exception of sole director/shareholder employees). Recent research from the regulator has revealed that nearly 50% of employers, who thought they would be ready by their staging date, found that they were underprepared and had a last minute rush to get finished. It can take up to 12 months to prepare for automatic enrolment, so speak to your accountant and Independent Financial Advisor now. There can be significant costs associated with auto-enrolment and you should start planning for these now.
You can find out your staging date here http://www.thepensionsregulator.gov.uk/employers/tools/staging-date.aspx
It isn’t automatic
Automatic enrolment is automatic for your staff; they don’t have to do anything to be enrolled in a pension scheme. But it’s not automatic for you as an employer. As the majority of small employers all have staging dates at the same time, there is going to be a last minute rush and as there are only a limited number of IFA’s willing to deal with auto-enrolment, there will inevitably be penalties for the businesses who don’t act in time. Please don’t let this be your business, contact me now about your responsibility as an employer.