AUTOMATIC ENROLMENT - DON’T LEAVE IT TOO LATE!
This is a reminder to all chamber members not to leave it too late with regards to sorting out your Auto Enrolment.
The responsibility for complying rests with the employer and The Pensions Regulator has a range of
powers to tackle non-compliance including serving fixed and escalating penalty notices. Figures published recently show an increase in the number of fines issued to employers who did not comply with their workplace pensions duties on time.
Swindon Town Football Club hit the headlines in April after being fined £22,900 for "repeatedly" failing to meet government pension auto-enrolment rules.
To avoid being fined, employers must make sure they start planning early, find out their staging date and understand what and when they need to do to comply with their automatic enrolment duties.
In the past it was up to workers to decide whether to join their employers pension scheme. Now all employers must eventually offer a workplace pension scheme and automatically enrol eligible workers in it.
This requirement has applied to larger employers since October 2012 and will apply to all employers by 2018. This process takes time so early planning is essential.
Bridges and Co Financial Consultancy are offering a no obligation consultation to Employers who have not yet made arrangements for Auto Enrolment. Please call the office on 01524 68812 to discuss how
we may be able to help.
The Partner Practice represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website at www.sjp.co.uk/products. The ‘St. James Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.