Businesses with more than one employee will all have to enrol in a pension scheme. Whether you like it or not, whether you come to the process dragging your feet, it is going to happen and is already underway for larger companies.
If you pretend that it’s going to go away and take no action, then your company may be liable for fines from £50 per day rising to £10,000 per day, depending on the size of your company.
When do you need to take action?
The Pensions Regulator has defined ‘staging dates’. These are dates set by the Government when companies will have to ensure all staff are enrolled in a workplace pension scheme and the law comes into effect.
You should be able to find your staging date on a letter sent to your company by the Pensions Regulator. If you are unable to find the letter than you can find your date using your PAYE reference however, if you don't pay your staff through a PAYE scheme, your staging date will be 1 April 2017.
Prepare for your staging date at least 12 months before it is due.
Why so early? Because you need to plan your finances and find a suitable pension scheme for your employees.
What happens if you refuse to auto-enrol your staff or miss your staging date?
Your company is highly likely to receive a fixed penalty notice of £400, as well as anything from £50 to £10,000 PER DAY! The fines depend on the size of company – the larger the company, the higher the fine.
Do you need help?
This is where we come in. The Enrol My Staff team provide friendly, helpful advice. Give us a call, and we will talk you through the process. We promise, the procedure is fairly straightforward and painless!
Don’t waste another day pretending or hoping it will go away – contact us and we will take the worry away from you!
Call the Enrol My Staff team on: 01329 559 130 or email on: firstname.lastname@example.org