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Workplace Pensions – Your Essential Guide

Posted on June 04, 2015 in Articles & Frank Taylor & Associates

If it's important you'll find a wayAs an employer, by now you should have heard about auto-enrolment and workplace pensions. If not then you can get more information here.

In short it means that as a practice owner and employer you have a legal requirement to provide, manage and contribute to a pension scheme for all eligible staff working within your business.

With auto enrolment now well under way (we have seen a 300% increase in new clients in the past month) it’s important that you act now and start preparing – there’s a lot that can be put in place earlier. As part of your duty as an employer, taking some initial steps now will certainly help you along the way.

  • Make sure you know your ‘Staging Date’ – this is the date on which auto enrolment goes live for your business. Check your date here.
  • Determine which employees in your practice are eligible to join the scheme.
  • Start to tell your staff as much as you can about auto enrolment beforehand.
  • Make sure your systems/processes are in place, ready for when auto enrolment takes place.
  • Get the right advice.
  • Benefit from cost savings by putting plans in place early.

Auto enrolment is a legal requirement and the Pension Regulator is quick to issue £400 wake-up call fines for non-compliance – this is before big daily fines.

Getting good advice is critical, many business owners have ended up short of time to enrol due to either attempting the DIY route or being under the impression their accountant or payroll provider was dealing with it.

For a limited time you can reserve your enrolment place for FREE so long as your Staging Date is after October 2015. There is only space for 100 businesses and the deadline to register is 30 June 2015 – but this offer will be withdrawn when we get to 100 clients.

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