Employers now have a legally enforceable duty to provide a work based pension scheme and automatically enrol their employees. It has been described as the biggest shake-up in pensions for a generation and every business now has a date (staging date) by which their scheme must be implemented. These dates will be between now and April 2017
Having worked with a number of clients on this, it has become clear to us that setting up an appropriate scheme is not straightforward. Most businesses will probably find it daunting to make the necessary arrangements in time and run the risk of being on the wrong end of an enforcement notice, or a fine, from the Pensions Regulator. Our free fact sheet provides more detail of what Auto Enrolment means to a business.
There are two critical factors which can ensure that an employer successfully discharges its obligations here:
- Beginning the process of establishing the scheme about 1 year before its staging date.
- Having a knowledgeable and experienced advisor working alongside you.
At ApC we can provide help and support on every stage of the process, from consultation with your employees, setting up the pension scheme and choosing the provider, right through to administering the contributions. We can take on some of the burden and make the process easier for you.
It is important for an employer to understand just what is involved at a very early stage and in this respect we are able to offer a free 1 hour consultation meeting to help you plan what needs to be done.
If you have any queries on this please contact Phil Bloxham or Andrew Cripps on 01623 657111.
Don't delay get in touch today!