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Workplace Pensions – we’re all in!! Are you? Auto-enrolment for workplace pensions has been talked about since its introduction in 2012. (If you’re a Consensus HR client, we have already discussed it.) Now the staging date for smaller employers is here!
This new system will affect all businesses eventually – regardless of headcount or financial turnover.
Auto–enrolment is a compulsory government scheme. It ensures that every UK employee is given the opportunity to participate in a pension scheme if they:
- Are aged between 22 and State Pension age
- Earn more than £10,000 a year
- Work in the UK
In fact, the scheme started in October 2012.
There has been a great deal of national publicity involving celebrities such as Theo Paphitis from Dragons’ den. Remember the question: ‘Are you in?’
But – everybody needs to understand that the time for smaller companies to get involved is approaching fast. The staging dates for companies with fewer than 50 employees runs between 1 June 2015 and 1 April 2017.
Companies should also note that ‘The Pensions Regulator’ has wide-ranging enforcement options including issuing stiff penalty notices.
To avoid auto-enrolment stage fright – and the associated penalties – Consensus HR is working with our clients and Pension Associates. Matthew from Consensus HR says: “Together, we’ll ensure that clients are ready for the introduction of Pension Auto-enrolment into their business.”
“We’ve been actively encouraging employers to be ahead of the game and hold an initial meeting with a pension advisor. This ensures that all financial, operational & HR implications can be remedied prior to your businesses staging date.”
Is your business ready for auto-enrolment? Find out more by talking to Matthew at Consensus HR via [email protected] or call 01462 621 423.