Auto Enrolment: Are You Ready Or Still Burying Your Head In The Sand Like An Ostrich?
Employee's automatic enrolment into a pension scheme is now live within larger businesses and the staging dates for many smaller businesses are later this year.
Between 2015 and 2017, over 1 million businesses will be “staging” which means they need to comply with the new Auto Enrolment rules. This will affect a huge 51,134 businesses per month. Is one of these businesses yours?
Any business that has employees MUST comply and there are serious fines for non-compliance. Fines can be a fixed penalty of £400 plus a daily penalty dependant on headcount. For example; a business with 5 to 49 employees could face a fine of £500 per day for non-compliance.
What should you do about auto enrolment?
Here is what Kevin Carey, MD at McDade Roberts Accountants Ltd says:
“Whether you have an existing pension scheme or not, you absolutely must ensure that you comply with the government’s pension reform regulations. Any old pension scheme will not do. It must follow the new rules.
“Following the rules means following the new regulations the government have put in place for your company pension and it also means you have a duty to explain all changes to your staff so that they are aware of the situation.
“The good news is that we are here to help. McDade Roberts have offices in Longridge, Garstang, Fulwood and Bamber Bridge and a team of people ready to take questions on auto enrolment to help businesses in our local area. With a dedicated payroll team who are experienced in Auto Enrolment along with all other aspects of payroll, we have a qualified knowledge base to inform businesses what they need to do to meet the new Auto Enrolment changes. We also have the specialist knowledge from our sister company M.R. Financial Services Ltd who are experts in pensions and investments so we are a one stop shop for banishing Auto Enrolment headaches.
The other good news is that we are a very friendly bunch and pride ourselves on our down to earth advice. If any Lancashire business needs advice on auto enrolment or general pension or financial advice, call us – the first consultation is always free so there is nothing at all to lose”.
You can speak to Kevin for help on 01772 717110, kevincarey@mcdaderoberts.co.uk or, contact the Payroll Team, Donna will be happy to help at the Longridge Office on 01772 786858 or email donnalawrance@mcdaderoberts.co.uk