It’s hard to believe that ‘new’ workplace pension legislation, is nearly 5 years old! The aim of auto enrolment is to encourage employees to start making provision for their retirement. In addition employers and the Government also contribute to make a larger pension pot.
Some employers don’t realise that the auto enrolment scheme cannot be ignored. Whether you employ 1 or 20 people you have responsibilities. Even if your employees opt out of the scheme you still have administrative duties to ensure you remain compliant.
Employers who fail to heed 28-day warning notices risk a fine of between £50 and £10,000 a day, depending on the size of the business. According to reports, more than 4,673 fixed penalty notices of £400 for automatic enrolment non-compliance were issued in the first three months of 2017, up from 2,919 the previous quarter. Which is the largest total issues to date.
The Pensions Regulator’s inspection team has launched a nationwide enforcement campaign to ensure employers are meeting their auto enrolment duties correctly. So it is essential to fulfill your responsibilities – immediately.
How can CBS help?
We have been working with clients for some time now. Ensuring they have a scheme up and running by their required ‘staging date.’ If you aren’t sure when your staging date is watch our short video of how to find it now.
Understandably, the administrative costs associated with setting up and running a compliant scheme are likely to be unwelcome by most small businesses. However, ensuring you are compliant by your staging date is going to be much more cost effective in the long run.
We are confident that as well as efficient, our auto enrolment service is extremely cost effective.
It is difficult to generalise how much a scheme will cost as each company will have different requirements. As a guide auto enrolment can include some or all of the following costs:
- Payroll costs (additional processing/interface builds/assessment costs)
- Pension contributions
- Communication costs (managing the opt in/opt out processes)
- Any financial advice you receive.
Our friendly team will be happy to set up a free, no obligation meeting to talk about your business. And how we can take away the headache of auto enrolment, in the most cost effective way.
Call us today on 01509 816150 0r fill in our auto enrolment query form below.