The government has been rolling out Pension Auto Enrolment since 2012 and this summer new firms established since the process began or those employing staff for the first time had to start the process.
All businesses need to offer their employees a company pension and make contributions to it. Employers must be aware of their duties and make sure they are ready, and compliant, with deadlines and ongoing duties or they could risk a fine.
The Pensions Regulator is urging businesses to prepare and has highlighted three key areas of pension auto enrolment that businesses need to be aware of:
1 – Minimum contribution levels for automatic enrolment are due to increase in April 2018 and the Pensions Regulator is urging businesses to make sure they are ready.
2 – If you have received a letter from the Pensions Regulator, don’t ignore it. Non-compliance with the law can result in a fine.
3 – If you are taking on a new member or staff or employing someone for the first time, make sure you know what you need to do about their pension. Under the workplace pension laws, all qualifying employees must be enrolled onto a pension scheme.
For more information on Pension Auto Enrolment click here
