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Employers and Auto Enrolment
Date: 1st April 2014
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If you are an employer then you need to be aware of auto enrolment and what it means to you.There has been a strong media campaign to try to educate everyone about this subject. With the catch line "We're all in", it is quite possible that you have heard about it but you are not entirely sure what it means. Hopefully this article with help you begin to understand.
A new law means that every employer must automatically enrol workers into a Workplace Pension Scheme if they:
• are aged between 22 and State Pension age
• earn more than £9,440 a year
• work in the UK
This is called ‘automatic enrolment’.
Auto-enrolment applies on different dates depending on the size of employer, starting with the largest and ending with the smallest – only the largest UK employers will have started to auto-enrol their employees from 1 October 2012. The date on which auto-enrolment applies to an employer is known as the ‘staging date’.
Your Staging Date for Auto Enrolment depends on the size of your PAYE scheme and this can be checked at The Pensions Regulator: https://www.gov.uk/workplace-pensions-employers
To look up your staging date, you’ll need to know your PAYE reference.
Ideally, you should start planning 18 months before your Auto Enrolment staging date as the earlier you start to prepare, the smoother the transition will be.
Please bear in mind that:
> The responsibility for complying rests with the employer.
> If you don’t comply, you can face enforcement action as The Pensions Regulator have a range of civil and criminal enforcement measures at their disposal.
As Auto Enrolment has only recently been introduced, understanding what decisions you need to make will certainly ease the process - therefore our recommendation is that you either:
> contact your Financial Advisor to discuss how this will affect your business.
> seek the services of a Financial Advisor if you don’t already have one.
> let us put you in touch with a Financial Advisor.
If, in the first instance, you would like to speak to Mark or Tony to find out more details please call the office on 023 80516470.