Auto Enrolment

Auto Enrolment – its here


The law on workplace pensions has changed. Every employer with at least one member of staff now has new duties, including enrolling those who are eligible into a workplace pension scheme and contributing towards it. Even if you are a sole director operating a PAYE scheme you will have statutory obligations under AE.

This is called automatic enrolment because it is automatic for staff they don’t have to do anything to be enrolled into a pension scheme, but it is not automatic for employers.

From October 2017 Auto Enrolment will apply immediately to all new employers registering for a PAYE scheme. For existing employers, the final staging dates will be January 2018 depending on when they registered as an employer. After this date it will be business as usual for all employers.

598,000 employers have automatically enrolled their staff into a pension scheme thus far, 225,000 of these have been small and micro employers, however 675,000 still have duties to come.

overall over 8,000,000 people have been automatically enrolled into a pension scheme this this process began.

Fines & Penalties

Fines are harsh with regards to AE non compliance, there is a fixed penalty of £400 for late filing of a declaration of compliance, even if it later transpires that you are indeed compliant with your obligations. If you continue to be deliquent  then fines will move to escalating penalty notices, moving to a maximum of £10,000 per day! Please do not assume this is scaremongering, the TPR have issued penalties at this level and seem mighty keen to continue doing so, see latest cases here.

 


Yep it’s here – You will need a workplace pension, contact us today.

Fixed Fee solution for Auto Enrolment

We are offering fixed fee packages for the government backed NEST pension, for small employers our fees are fixed at £450 for AE implementation and compliance, this will include the set up of the NEST pension scheme. There will be an additional charge per eligible employee per pay cycle of £4.50, this will over the ongoing requirements under AE that you assess employees at each pay period, automatically enrolling eligible employees as required. You will also have re enrolment duties every three years.

We can provide a tailored quote for the implementation of AE for other pensions, please contact us to discuss.

With an expert team of accountants, based in offices in both Brentwood and Canary Wharf, we are able to manage your auto enrolment requirements, from checking your staging date and helping you choose the right pensions provider through to assessing staff eligibility, adapting payroll and completing the declaration of compliance.

Once you have completed your declaration of compliance our accountants can help you issue and maintain the correct documentation each payroll cycle.

If you are operating a PAYE scheme, you will need to take action under auto enrolment, do not leave it until the last minute, penalties for non compliance are severe.


Auto Enrolment

the-peoples-pension

nest-logo-314709


Yep it’s here – You will need a workplace pension, contact us today.

You need a pension, even if you only employ one person

Seasonal and temporary staff overview

Choosing a Pension scheme – we can help


People should know that all they need to do is look out for a letter from their employer, and if they do nothing and stay “in” they are effectively getting a pay rise.

Steve WebbThe Pensions Minister
Daniel RuthvenAuto Enrolment