Auto enrolment is the biggest shake-up of pensions in the UK for a generation and if you run a business and employ staff if affects you.
The new law means you must automatically enrol your workers into a workplace pension if they are aged between 22 and State Pension Age, are earning over £10,000 a year and work in the UK.
The fines for non-compliance are heavy. A company with 50 employees could find itself paying £70,000 a month.
The fine for a small company with just five workers is £14,000 a month – which works out at £500 a day.
Businesses are been given staging dates – which is the point when auto-enrolment begins. The date depends on the size of the organisation.
It’s yet another challenge facing your business. But don’t panic! We are here to help you and to make auto-enrolment as painless and as simple as possible.
For any help or advice please contact us today on: 01772 123456 or [email protected]
Who we are
ARW Enrol is a team of experts dedicated to guiding you through the auto enrolment minefield.
Our special knowledge in pension provision, accountancy, HR and payroll means that we can provide you with the full solution to meeting the challenges of the new legislation.
ARW Enrol was created by Alex Wotherspoon, a specialist in finance management.
He has extensive knowledge of the pensions sector and a career that includes working with Sir Alan Sugar following his appearance as a finalist in the BBC’s acclaimed show The Apprentice.
Alex leads a team of advisors whose knowledge of the demands of auto enrolment and its challenges is second to none. ARW Enrol solutions are bespoke – tailored the very real needs of your company and its workforce.
All employers with staff in the UK have to comply with the new law. It means enrolling staff who qualify into a company pension scheme and making contributions to their fund.
You will be given a ‘staging date’. This is is the point when your auto-enrolment begins. The date depends on the size of your business. There is an option to postpone some of your duties by up to three months.
The fines for non-compliance are heavy and the Pensions Regulator will have no sympathy for those who ignore the rules. A company with 50 employees could find itself paying £70,000 a month. The fine for a small company with just five workers is £14,000 a month – which works out at £500 a day.
Following all the regulations correctly and adhering to each statutory detail is essential. The Pensions Regulator can call for audits and demand proof that procedure has been followed.
Setting up your pension fund is not the end of the process. There are other duties you have to perform once your workplace pension scheme is up and running.
Be prepared! You need to give yourself time to draw up a comprehensive plan of action to meet targets and deadlines in the run up to your staging date. Systems and processes have to be reviewed and you will need to find the pension provider that works for you. Leave it too late and there could be trouble ahead.