Less than 50 employees? Your auto-enrolment staging date is looming
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Small businesses with less than 50 staff are next to be affected by the automatic enrolment legislation, from April 2015.
Under the Pension Act 2008, employers are required to automatically enrol all eligible staff in a workplace pension scheme.
Starting with larger businesses, almost 40,000 employers in the UK have already complied with the new regulations and from April this year the requirement extends to companies with fewer than 50 workers - affecting an estimated further 36,000 businesses in the UK.
As the majority of these small businesses are having to offer a pension scheme for the first time, advisors are suggesting that businesses to take at least a year to prepare for the new regulations. So, whether your staging date is April 2015 or later, start preparing today or you could face fines up to £10,000 per day...
Are you aware of your auto-enrolment duties?
According to research from Barclays Corporate & Employer Solutions, one in four (25%) senior decision makers in companies with fewer than 50 employees believe that the knowledge of the business on both pensions and pension's regulation is poor, with an even greater number (28%) considering their own knowledge to be of an equally low standard.
Whilst only a quarter of businesses (25%) that have not yet auto enrolled believe that the new requirement is a positive benefit for small businesses, this figure more than doubles (54%) once they have been through the staging process with SMEs finding auto-enrolment more beneficial than they expected to.
Get the support you need
According to the research from Barclays, three-quarters (75%) of businesses that have auto enrolled used some form of external support to help implement the process. If you're looking for guidance on your auto-enrolment responsibilities, ActSmart can help.
ActSmart have made arrangements to introduce you to Elliott Sanders of Copthorne Hundred Wealth Management, a Partner Practice of St. James's Place Wealth Management.
St. James's Place Wealth Management are one of the leading wealth management organisations in the UK with a national network of advisers. Using their experience, they offer businesses and individuals a wealth management service, incorporating pension advice. The advice is face-to-face and tailored to your business or personal objectives.
- Complimentary initial consultation
- Face-to-face advice
- Impartial advice
- Advice is guaranteed by St. James's Place when recommending any products or services provided by the St. James's Place Group
Phone Elliott Sanders's team on 01372 721616, email Elliott.Sanders@sjpp.co.uk or complete the enquiry form here.
St. James's Place Wealth Management are authorised and regulated by the Financial Services Authority.
http://www.copthornehundred.co.uk/