If you are one of the 1,300,000 businesses in the UK yet to be ready for Workplace Pensions – time is running out.
Workplace pensions are coming and your Staging Date determines when you have to be ready by – if you don’t know yours you can get help here.
In a recent study by Close Brothers Asset Management they found that 76% of employers are feeling the pressure of an increased administrative burden associated with Workplace Pensions and Auto-Enrolment. Regardless of the size of your business it is a significant undertaking and the buck stops with the business owner – it is you who is legally responsible for implementing a scheme.
The term Auto-Enrolment is a bit misleading as it is the employee who is automatically enrolled. The business still needs to put a scheme in place to avoid hefty daily fines for non-compliance.
As a small business owner you have enough to keep you busy every day of the week, plus some. Add to this the need to implement a Workplace Pension scheme and there will come a time when something will slip. Choosing partners to help us in specialist areas is the smart way to manage a business – most of us will use specialist IT firms to ensure we back-up data, have good digital security etc. Workplace Pensions is no different.
To implement a scheme is a resources issue – how much time do you think it will take you each month to deal with your Workplace Pension? Do you expect this to increase over time?
What is the true cost to you and your business by doing compliance tasks yourself? This isn’t just time but also the risk of not getting it right and being non-compliant.
How will you be sure that your scheme is compliant and who is ensuring it remains so as regulations change?
Rather than taking on this risk yourself might it be better to engage a specialist to ensure you have a compliant scheme?
Inevitably there are a wide range of providers and some who deliver a far from complete service. It is vital you choose a partner you can trust and has a track record in this specialist area.
If you are looking for an experienced provider who can provide this peace of mind you can reserve your place for free here.