Are You Meeting The Pension Fund Requirements?
With the announcement by The Pension Regulator that they have opened 89 cases of potential Auto Enrolment Non-Compliance and issued their first fine, the time is now to start looking at the legal requirements on your business. With large businesses already through their staging dates and small and medium sized businesses getting within 6 months of their own dates there should be urgency around making your business compliant.
Do You Understand Your Auto-Enrolment Responsibilities?
Picking a pension fund is just the starting point for Auto Enrolment compliance. Employers must categorise their employees and send multiple notifications within certain time frames to ensure compliance with Regulators’ requirements.
A few questions to ask yourself:
- Are you all set up to do this?
- Do you have the integrated payroll system to provide the required data for your pension provider?
- Have you picked a postponement period?
- Are you set up for your record keeping and statutory reporting requirements?
- How do you plan to keep your employees informed?
These are all of the areas where we can add value to your business and keep you compliant with the law.
Delay Could Cost You Up To £2,500 Per Day
Pension providers are already asking for more than 6 months notice prior to a firms staging date and with fines for companies with less than 250 employees of up to £2,500 per day, the cost of a delay can be substantial.
What Can I Do TO Get Ready?
Our scheme assessments cost as little as £500 (which is well worth avoiding the massive fines!) and you can have a chat to one of our qualified advisers first to see if this is what you need.
Please get in touch with us today:
Phone: 0141 643 9200