Information on Auto Enrolment
Auto enrolment pensions are not just a pension issue; they impact HR, payroll and finance functions in many ways. For many organisations the process could be costly and resource intensive. Complying with auto enrolment can be a journey of considerable length; the impact is so much more than just extra pensions’ cost.
Duncan Boxwell offers the following:
- A qualified professional advisory service who can advise and deliver a comprehensive enrolment solution – ensuring that companies meet their obligations
- Mitigation of cost and risk whilst delivering exceptional value to the business
- Identification of any changes in areas such as contribution levels, differences in requirements between new and existing members and default investment fund
Duncan Boxwell can help you assess your scheme and identify where changes are required. We work with you to create a long-term governance plan and help embed this in the years to come.
Company Pensions Automatic Enrolment Overview
Pensions auto enrolment is with us and the staging dates for smaller companies are underway. Between 2014 and 2015, there were on average over 3,000 companies per month having to comply with automatic enrolment (known as staging), with heavy daily fines for missing staging dates from The Pensions Regulator.
Between 2015 and 2017, over 1 million companies have been staging, which is a staggering 51,134 companies per month. Do not leave this until the last minute, or think “it doesn’t affect me” because anyone with a PAYE reference MUST comply and there are serious fines for non-compliance. If you have the correct company pension structure in place, that’s great, but if you don’t it is important that you read on.
Whether you have an existing pension scheme or not, you absolutely must ensure that you comply with the government’s pension reform regulations. Not just any old pension scheme will do… it has to follow the new rules. Following the rules not only means that your company pension scheme has to be in line with the regulations the government have put in place, but it also means that you have a duty to explain all changes to your staff so that they are aware of the situation! We can help set up pension schemes for auto enrolment for new companies and new employers. The good thing is that we are here to help with this.
Do not ignore this! Make a note of your staging date and be prepared to take action well in advance If you have already taken action and completed your pension arrangements then please ignore this notice. If not, please let me remind you that The Pensions Regulator has the power to inspect your records, interview your employees and issue statutory notices requiring you as an employer to fulfill certain duties.
Auto Enrolment fines
Non-compliance with the statutory notice could lead to a fixed penalty of £400… as well as a daily penalty depending on your headcount, as detailed below:
- 1 to 4 employees: £50
- 5 to 49 employees: £500
- 50 to 249 employees: £2,500
At Duncan Boxwell, we have the expertise and resources to advise your business into the right solution. If you have an existing pension scheme, we can help tailor your current plan so that it complies with the new rules. If you don’t already have a company pension scheme, we can help you to set one up.
If you haven’t done anything about auto enrolment, take action NOW!