Key date in auto-enrolment calendar arrives
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Deadline approaching for larger firms to re-enrol and small firms to commence their duties.
It's been three years since auto-enrolment began for many of the largest firms in the country, which means many will now be re-enroling workers who originally opted out (a process which must be carried out every three years.)
However, for the smaller employers who have not yet begun auto-enrolment, the deadline to fulfil your duties for the first time is coming around.
October 1st is a key date for auto-enrolment with some employers who have under 50 employees having to comply. However, over a quarter (27.3 per cent) of small businesses are still unaware or unclear about their responsibilities. For those that are aware of their forthcoming auto enrolment requirements, the research found that over half (54.8 per cent) are still deciding on which pension provider to select.
"There is no defence against missing your auto enrolment staging date, whatever the size of your business," said Alison Dodd, CEO of Moorepay. "Whilst we've seen awareness of responsibilities growing over the past 12 months, there is still a long way to go. It is concerning that so many firms are not fully ready when support is so easily available."
The research also highlighted the main areas where firms felt they needed help and advice in order to comply. Of those surveyed, nearly one-third (32 per cent) want help understanding the right calculations and deductions, 30 per cent are looking for support with reporting and 29 per cent are struggling to identify eligible employees.
"A lack of both financial and human resources commonly found in small businesses shouldn't be a road block to meeting auto-enrolment responsibilities," adds Dodd.
Get the support you need
Find out more about auto-enrolment and find your staging date by visiting the Pensions Service page.
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.
