”Auto Enrolment Pensions are now a legal requirement for everyone now employing one or more employees, no matter which sector you operate in. If this applies to you and you require advice, we will be happy to help”
What is Auto Enrolment?
Auto Enrolment, or the ‘workplace pensions’, is one of the biggest changes in pension provisions for generations. It means that anyone who employs people will have 33 new responsibilities to help those individuals save for their retirement and these include:
- Registering with the Pensions Regulator
- Providing a Qualifying Workplace Pension Scheme
- Paying Minimum Employer Contributions to Eligible Workers
- Processing an Opt in / Opt out facility
- Giving Workers the Option to Opt out
- Communicating with Workers about auto enrolment
… and there are hefty penalties for non-compliance. Failure to comply with these rules and your business could be forced to pay hefty penalties ranging from £50 to £10,000 a day.
BlackStone Accountancy has a 3 step programme which can help your business to comply with the new legislation.
Step 1 – An initial consultation and implementation plan for your business
Step 2 – Implementation support
Step 3 – Ongoing governance and compliance