Please Start Thinking About Pensions
Mar 22, 2016
If you’re an employer you really must start thinking about your pensions obligations to your employees. The chances are your staging date will be coming up pretty soon. If you’re a client we’ve already been in contact to let you know about your Staging Date and we’ll be in contact again really soon to discuss this with you in further detail.
If you’re not a client find out your Staging Date from the Pensions Regulator http://www.thepensionsregulator.gov.uk/employers/staging-date.aspx and how long you’ve got to get your pension scheme up and running. We reckon you should be planning for this at least 6 months before the deadline, otherwise you’ll have no choice of pension provider.
There are also various assessments you need to do and if you miss the deadline you will be fined a fixed one-off penalty of £400, plus if you employ between 1-5 employees an additional fine of £50 per day. If you employ more than 5 employees it’s £500 per day which can add up - especially if you don’t do something about it quickly. You might also need to look at your employees’ contracts of employment and update these too.
There is a huge amount of paperwork surrounding Auto Enrolment, so if you do your own payroll you might want to reassess this whole process as it could take up hours of your time. You will also need to have great systems in place as you need to keep all the details about employees for the life of the pension.
To make life easier we’re rolling out some pensions packages and we’ll even be able to offer a great alternative for your employer pension needs. If you want to find out some more email email@example.com and we’ll make sure we get back to you with more information.
If you’re a Director and only have yourself on payroll you will be exempt, but this exemption must be applied for if you receive a staging date letter or penalties and fines kick in – there is no escape you need to do something. Better sooner than later.