Update on Auto Enrolment
Despite many companies and businesses staging dates having been and gone, there is still an alarming number of employers who are unaware of Auto Enrolment.
According to the Pension Regulator, hundreds of thousands of the smallest companies are still lacking the awareness of what auto enrolment entails and don’t even know when their “staging date” is!
Given that many of these companies are small businesses they are likely to have very little or no experience of running a workplace pension, therefore it is essential to start planing well ahead of the staging date.
Once an organisation is clear on it staging date, it will need to start by assessing the eligibility of its workforce (which can be an extremely time consuming task)
As an employer you are legally obliged to automatically enrol your employees into a workplace pension scheme, rather than actively choosing to join your scheme, and if they don’t want to be in , they must actively opt out!
For this reason it is crucial that employees are made aware of the Auto Enrolment from the beginning of the process, and are given all the necessary tools to help them make informed decisions about their future.
The message for small businesses is clear : Auto Enrolment is coming, the sooner you get to grips with what you need to do, the better off you will be.
For advice and help with the above please contact Clayton’s Accountancy Services Ltd.