GET READY FOR PENSION AUTO-ENROLMENT

Posted by Petr on Apr 17, 2014 in News | Comments Off on GET READY FOR PENSION AUTO-ENROLMENT

The phasing of Auto-Enrolment which will require all employers to provide a pension scheme for their employees is coming soon for small medium sized enterprises. Between 1 October 2012 and 1 February 2014 was a requirement for larger firms.

These larger firms are those with 250 or more employees. The next stage will be to roll out Auto-enrolment to employers with between 50 and 249 employees between 1 April 2014 and 1 April 2015. The precise “staging date” will be assigned by the Pensions Regulator on behalf of the Department of Work and Pensions(DWP). Employers with between 30 and 49 employees will be affected between 1 August 2015 and 1 October 2015 and finally existing business with fewer than 30 employees will be required to Auto-enrol their employees in a pension scheme between 1 January 2016 and 1 April 2017.

The start date for your business can be found here:
www.thepensionsregulator.gov.uk/employers/tools/staging-date.aspx

Your staging date may still be some time away but pension firms are advising you get your scheme ready 12 to 18 months in advance to ensure you have sufficient time to set up the scheme properly and make any changes that may be required to your payroll systems.

Please contact us if you wish to discuss further.