Auto-enrolment is the biggest change to pensions provision in the UK for generations.
Under a law introduced in 2012, all employers must eventually offer a workplace pension scheme and automatically enrol eligible workers in it. This requirement has applied to larger employers since October 2012 and will apply to all employers by 2018.
It doesn’t matter what size your organisation is, as an employer you’ll need to make sure you’re ready to meet your new duties. You’ll need to tackle tasks like keeping track of who needs to be automatically enrolled and making regular pension contributions.
If you fail to comply, The Pensions Regulator can impose penalties which can be up to £5,000 for individuals, i.e. business owners or managers. There can also be fines of up to £50,000 for the company itself. We can help, we’re here to make sure every employer, large or small, has access to a workplace pension scheme that meets the new pension rules. We understand what you need to do to get ready and we provide guidance and advice to make your job easier.
Ian Pratt founded and runs North East funding brokers IAP Consultancy, which can access auto-enrolment advice through its connections. IAP Consultancy is a well-respected commercial finance brokerage business which helps businesses access the funding they need to grow. You can find out more about IAP Consultancy at http://www.iapconsultancyltd.co.uk/