A reminder here regarding the massive changes being made to Workplace Pensions, which mean that, as an employer, YOU will have many new duties very shortly, including:
- Assessing your workforce.
- Choosing a suitable qualifying pension scheme.
- Identifying eligible jobholders & enrolling them into a pension scheme.
- Providing your workers with appropriate information about the changes.
- Making appropriate contributions.
- Processing Opt-Outs.
- Keeping accurate records (min 6 years).
- Registering the pension scheme with the Pension Regulator.
Estimates are that circa 46,000 employers will Auto Enrol this year and this increases to circa 500,000 employers in 2016. This will create a real capacity issue for both advice and pensions providers. Some employers may not be able to get their pension scheme open in time and may incur penalties as a result!
Here at K A Farr & Co we have been considering these changes for some time now and the impact it will have on your business, especially in the areas of cost, administration and compliance. We are sure that you will be pleased to know that we will be able to assist you with Automatic Enrolment and have a solution, via an independent third party (People and Business Independent Financial Advisers – see below) to suit your individual circumstances and keep you within the new rules.
They are in a position to be able to register you onto an Auto Enrolment System NOW, this will take care of your duties from your “go-live” date (staging date), but you will not make any pension contributions until then. Acting NOW will enable you to ensure that you are “at the front of the queue” when your staging date arrives, as there will be tens of thousands of employers ‘going live’ at the same time as you!
People and Business Independent Financial Advisers will supply you with a full report for your business and establish the pensions framework so that we can ALL work together to put your Auto Enrolment scheme in place. If you wish to discuss this matter further with them they will be happy to make contact with you directly & arrange an initial, no obligation, no fee meeting – if you do decide to proceed with a pension scheme through them then they will be able to advise you as to what the cost of this service will be. As a very rough guide, for a new (straightforward) scheme set up in 2015 (contributions only start from staging date) where there are 10 staff or less on the payroll, the charge will be in the region of £495 plus VAT.
Please call us on 01704 211434 or email firstname.lastname@example.org if you wish to discuss this further or wish us to instruct our associated IFA to get in touch with you directly to advise you NOW.