Workplace Pensions and Auto Enrolment can be a tough ask for smaller companies who don’t have the resources available to research the rules, analyse their staff, make key decisions about the levels of contributions and how they might be calculated. Help is at hand from the pensions regulator in the form of guidance notes but if that doesn’t make complete sense or you just don’t have the time then you may want to employ the services of an external workplace pensions consultant.
Companies with fewer than 90 employees will be staging from July this year. That is just 10 weeks away. If you haven’t already started this process it may be too late for you to meet your obligations. Some traditional pension providers do not have the resource to even entertain the idea of a quote unless they have 3 months notice. More realistically if you have a staging date which is 6 to 12 months away which are companies with 50-60 staff members you should have a timetable of events and action points that you are already working through.
What happens if I am behind on my Workplace Pensions timetable?
Ultimately you may be facing fines and penalties if you do not meet your obligations. However if you have not yet reached your staging date we may be able to help you avoid penalties.
When is it best to start looking at workplace pensions?
In order to have the greatest market choice and to obtain the best possible scheme for your employees you really need to start looking at this 12 months ahead of your staging date. There are many alternatives to the government run scheme which offer features that may be appealing to you as an employer as well as a pension contract that may be more suitable for your employees. These take time to research and due to the high demands they take time to implement. You also want to allow yourself enough time to communicate to your staff the actions you are taking and how they should opt out of the scheme if they so wish.
Do you have an existing scheme and will this be a qualifying scheme for auto enrolment? If you are unsure you need to contact the provider or the financial adviser who set the scheme up to see if you can use this scheme for auto enrolment. The provider may place certain restrictions on the scheme or reject it for auto enrolment which may result in you looking elsewhere to better suit your needs.
We are happy to help but the later you leave it the harder it gets and you are at a greater risk of penalty. Call us on 01582 715777.
Lyndhurst Financial Management Limited.
Authorised and Regulated by the Financial Conduct Authority.