August 10, 2016
Don’t ignore the workplace pension! That’s certainly the message from the government who are investing in a substantial TV campaign about the subject. For many small businesses the temptation might be to try put off dealing with it no matter how much the government urges them not to, however, that route could ultimately lead to being hit with some substantial fines.
Although workplace pension or auto-enrolment may sound like a complicated process it can with the right support actually be fairly straight-forward. Every employer with at least one member of staff now has new responsibilities, including enrolling those who are eligible into a workplace pension scheme and contributing towards it. It is called ‘automatic enrolment’ because it is automatic for employees – they don’t have to do anything to be enrolled into a pension scheme, however it is not automatic for employers.
The staged roll-out of auto-enrolment is now entering a crucial stage where thousands of smaller businesses are reaching their deadlines to comply – many in the second half of this year.
If this applies to your business, early groundwork is vital to meet the deadlines and not end up paying a penalty needlessly. So what is the best way forward? A good starting point is the short but useful video on our website – find it here
Whether you are currently a client or just looking for work place pension advice and you would like an informal chat about how we can help further just call us on 01530 416555 or drop an email to growth@theprofitkey.co.uk