Avoid a penalty and plan ahead for staff pensions
Small businesses are reminded that they face large fines for not adhering to new staff pension rules.
Around half a million UK employers with fewer than 30 employees will be required to enrol eligible staff into a pension – and start paying into it – this year. All employers have been given an automatic enrolment date, called a ‘staging date’, and this is the date by which they must ensure workers are signed up.
However, our concern is that many SMEs won’t give themselves enough time. As a result, many of Britain’s businesses could be subject to fixed penalties of £400, daily fines of £50 to £500, and even prosecution.
Employers should start planning around one year before their staging date, and I would recommend that they either visit our website or The Pension Regulator's website (http://www.thepensionsregulator.gov.uk/) for guidance.
It is all too easy to put it off but this is an issue that cannot be overlooked. There will be thousands of employers needing to meet their workplace pension duties in 2016 and so it makes sense to approach a trusted firm for advice in plenty of time. We don’t want to see anyone pay a fine that could be avoided by simply planning ahead.
For more information about how we can help with your Auto Enrolment duties, please call either Lorraine Wilkinson (Payroll Manager) or your usual contact here at the office.
Author: Lorraine Wilkinson
Lorraine joined Scott & Wilkinson in 2001 bringing with her over 20 years payroll experience. As payroll manager, she oversees the smooth running of the firms payroll bureau which includes all aspects of day to day payroll. Lorraine is...
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