Pensions automatic enrolment for SMEs: the things people say
My accountant will deal
with it so I don't need to do anything. Right?
WRONG! The
employer is personally responsible for complying with Pensions Auto Enrolment requirements
and there are stiff fines for failing to do this.
If your accountant runs your payroll they will be able to advise you about the payroll deduction process and they may have the software to produce the standard letters required. However most accountants are not licensed to deal the legal requirements about pensions enrolment and selecting a pension scheme.
We’re not interested in Pensions Auto Enrolment. So my company is opting out.
WRONG! Individual employees can
opt out after they’re automatically enrolled, but companies can’t.
The roll out is being phased in by size of business to be
completed by 1st February 2018. The
Pensions Regulator knows exactly who is employing how many people via their
PAYE code. Your company will receive a letter from the Pensions
Regulator giving your staging date (the go-live day for auto-enrolment in your
business). There’s a long list of difficult policy decisions and complex
processes that employers must implement with deadlines.
It’s a highly complex
piece of legislation and already a number of larger employers have been fined
for non-compliance. The legislation really does have teeth.
Presumably my company will be automatically enrolled -
so we don’t need to do anything.
WRONG! You are entirely responsible as the employer
and nothing will happen automatically unless you make it happen. As
The Pensions Regulator advises employers on its website:
It is
called automatic enrolment because it is automatic for your staff – they don't
have to do anything to be enrolled into your pension scheme, but it is not
automatic for you. You need to take steps to make sure your eligible staff are
enrolled into a pension scheme. Even if you already pay contributions into a
pension scheme for your staff, you still need to check if it is suitable for
automatic enrolment.
The Human Resource will be
pleased to advise businesses on pensions auto-enrolment project planning, policy decisions, changing
terms of employment contracts and internal communications. We can provide you with FAQs for your
employees.
More at http://www.thehr.co.uk/files/103140865.pdf
My accountant will deal
with it so I don't need to do anything. Right?
My accountant will deal
with it so I don't need to do anything. Right?
WRONG! The
employer is personally responsible for complying with Pensions Auto Enrolment requirements
and there are stiff fines for failing to do this.
If your accountant runs your payroll they will be able to advise you about the payroll deduction process and they may have the software to produce the standard letters required. However most accountants are not licensed to deal the legal requirements about pensions enrolment and selecting a pension scheme.
We’re not interested in Pensions Auto Enrolment. So my company is opting out.
WRONG! Individual employees can
opt out after they’re automatically enrolled, but companies can’t.
The roll out is being phased in by size of business to be
completed by 1st February 2018. The
Pensions Regulator knows exactly who is employing how many people via their
PAYE code. Your company will receive a letter from the Pensions
Regulator giving your staging date (the go-live day for auto-enrolment in your
business). There’s a long list of difficult policy decisions and complex
processes that employers must implement with deadlines.
It’s a highly complex
piece of legislation and already a number of larger employers have been fined
for non-compliance. The legislation really does have teeth.
Presumably my company will be automatically enrolled -
so we don’t need to do anything.
WRONG! You are entirely responsible as the employer
and nothing will happen automatically unless you make it happen. As
The Pensions Regulator advises employers on its website:
It is called automatic enrolment because it is automatic for your staff – they don't have to do anything to be enrolled into your pension scheme, but it is not automatic for you. You need to take steps to make sure your eligible staff are enrolled into a pension scheme. Even if you already pay contributions into a pension scheme for your staff, you still need to check if it is suitable for automatic enrolment.
We can also support you as a one-stop-shop by referring you to our trusted partners in payroll, employee information systems and pensions.
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