Legal obligation to provide manage and contribute to a pension scheme for all eligible staff lies with the business and practice owner. Even if your business employs only one member of staff you still need to check if auto enrolment applies to you or not. The Pensions Regulator has warned that about 20% of small businesses and around 50% of micro-businesses do not know their auto-enrolment staging dates. It is the employer’s responsibility to ensure that all eligible staff is auto enrolled in a scheme by the date issued to them by the Pension Regulator. If you already have a pension scheme for your staff its worth confirming with your pension provider if you can use it for auto enrolment. Failure to comply might lead to an immediate fine of £400 which can escalate to daily fines of anything from £50-£10,000, depending on the number of staff you employ. We can:
- Identifying the employees falling under the scheme
- Ensure that Payroll is in line with the Auto Enrolment requirements
- Assisting in choosing a scheme suitable to your business.
- Submit your declaration of compliance to the Pensions Regulator