ALL UK EMPLOYERS TO HAVE AUTOMATIC ENROLMENT SCHEME IN PLACE BY APRIL 2017
Article Date: 2013-11-27
Please see the most recent press release issued on behalf of the Pensions Regulator:
All employers should now be aware that every business that currently has employees in the UK will need to have an Automatic Enrolment scheme in place by April 2017.
Failure to comply with the implementation timetable can result in penalties of up to £500 per day, so it’s crucial that employers understand the rules, know how to manage the changes and the impact they will have on payroll and cash flow.
Businesses are being given a staging date (to calculate your staging date please go to http://www.thepensionsregulator.gov.uk/employers/tools/staging-date.aspx), which is the date by when they must begin complying with auto enrolment. However, many employers may find that if they leave it too long, their auto enrolment options will be restricted.
Experience is showing that some providers will not offer terms if a staging date is less than six months away. Whilst some options for setting up a scheme for auto enrolment will still be available over shorter time periods, it may be that some aren’t - including one that may have been most suitable.
Consequently, we would strongly recommend that employers start auto enrolment options well in advance of an employer’s staging date, even though it may seem a long way into the future.
If you, or any of your contacts, would like to discuss the process or next steps in more detail, or to find out when a staging date is likely to be and how to plan for this, please contact me direct on 0113 398 1129 or at email@example.com