1 million SMEs reminded of auto-enrolment staging dates
Posted on in Business News
The Pensions Regulator is writing to over a million small and micro business owners with auto-enrolment staging dates between May 2016 and August 2017 to remind them of when their new workplace duties begin.
The reminders will include vital information such as the date the law applies and how they can nominate a contact with The Pensions Regulator.
Recent research from The Pensions Regulator found that the majority of small and micro employers agree that auto-enrolment for employee pension schemes is a ‘good idea'. 86 per cent of small and three-quarters (75%) of micro employers believe workplace pensions are important for the financial security of their workforce.
Around five million UK workers are now automatically enrolled into a pension scheme; but while it's automatic for staff it's not automatic for employers who must plan and prepare for the steps they need to take in order to comply with the law and avoid any financial penalties.
Last year, almost 1 in 5 employers were late to auto-enrol, completing their application either very close to their staging date or after the deadline had passed and so faced fines of up to £10,000 per day.
Morten Nilsson, CEO of NOW: Pensions said: "For some, this is simply due to lack of planning and preparation, while for others, it's due to being let down at the eleventh hour by another provider.
"While employers are being encouraged to get their auto enrolment plans in place early, the reality is a large proportion are leaving it late or missing the deadline altogether."
ActSmart can help
ActSmart can introduce you to Elliott Sanders of Copthorne Hundred Wealth Management, a Partner Practice of St. James's Place Wealth Management who can offer all businesses, no matter what size, advice on pension auto-enrolment.
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
Find out more here or phone Elliot Sanders's team on 01372 721616 / email Elliott.Sanders@sjpp.co.uk.