All employers will have to provide a qualifying pension for their eligible workers, which the employees will be automatically enrolled in to. In addition, Employer’s will have to make compulsory contributions into the new pension.
Employers will be required to automatically enrol eligible employees into a pension scheme
You will be required to pay pension contributions for any employees in the scheme
You can find your entry date (known as your ‘staging date’) here:
The Pension Regulator (TPR) will police and enforce these new laws. Non-compliance will result in fines starting at £400, and then ranging from £50 per day up to £10,000 per day
If you have an existing pension scheme, we can help you check that it complies with the new laws
Our experience tells us that most important piece of advice we can provide you with is:
Do not underestimate how long it can take to put in place a solution. A well thought out scheme takes on average 18 months to implement.
How can Bree Wealth & Tax Management help?
We can provide a clear and simple report of how your business can fulfil its duties in relation to Auto-Enrolment. This report will outline what your specific duties as an employer entail, and provide models of the different solutions available. We can also review existing schemes and assess any adjustments required in order to comply with Auto-Enrolment. Our report will provide you with information on:
- A timeline for your staging date and actions you need to take
- What will happen if you do nothing
- Outline your duties for each class of employee (Entitled worker; Non-eligible jobholder; and Eligible jobholder
- Quality requirements of the scheme. There are a number of different options available to you to ensure your pension scheme meets the quality requirements
The cost for this report will be a flat fixed fee, depending on the size of your company and the complexity of your needs and how close your staging date is. Naturally, we will inform you of the cost before any work is undertaken.
The next step is to discuss the best way to implement Auto-Enrolment into your business. We believe that every business is unique and so we will work with you to tailor a solution to suit your company’s circumstances. There is an ever changing landscape surrounding Auto-enrolment, and by working with us you can be sure that you will be kept up to date on innovation within the market and changes in legislation. We will work with your payroll provider and HR stakeholders to ensure that you have the right software and pension in place to suit your business.
Auto-Enrolment will have an ongoing impact on your business as you will have to comply with legislation at each payroll run. It is important to put in place an appropriate plan as failure to comply can result in fines from The Pension Regulator.