Auto‐Enrolment – What you need to know, must do and when
Friday May 2014
Auto enrolment is here for ‘large’ employers and is coming for almost everyone else within the next 2 years. But with so many employers having to comply in such a short space of time, being early enough ‘in the queue’ will be vital to ensure being set up in time to avoid penalties for non‐compliance.
In fact, to give you a sense of scale, in 2016/17, an average of over 50,000 employers per month will need to be registering their pension schemes with the Pensions Regulator. This is going to be one big, busy queue!
It’s not surprising that it’s being recommended that employers start their registration process 18 months ahead of their staging date.
So the best thing to do now is to check your employer staging date at:
www.thepensionregulator.gov.uk/employers/tools/staging‐date.aspx
All you need to have to hand in your employer PAYE reference, which is typically in the format 123/A4567.
If you don’t get registered in good time your available selection of pension providers could be severely restricted, meaning that you end up with a provider that is not the best suited to you, may have higher charges than others, or may provide restricted help in ongoing compliance.
And if you’re really late and don’t get registered in time, you could face an automatic £400 penalty and daily penalties based on the number of employees you have.
To help you will all this, Cowley Holmes have linked up with two preferred independent pensions advisers and will be offering group workshop consultations and 1:1 meetings.
To register your interest, please contact us by telephone or email and we will send you further details.
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