What if I don’t do anything?
Then you’re probably going to be in trouble!
Auto enrolment is not a voluntary scheme, it’s a statutory requirement and the penalties for ‘doing nothing’ are severe: fines range from £50 per day for businesses with less than four workers up to £10,000 per day for those with over 500 workers.
The Pensions Act 2008 gave statutory objectives to The Pensions Regulator, the UK’s regulator of work-based pension schemes, giving them responsibility to maximise compliance with auto enrolment legislation.
From 1 October 2012, every employer, no matter what their size, is legally expected to comply fully with the new legislation, enrolling workers into a workplace pension scheme as prescribed and making regular contributions should they be required to do so.
Every employer has a staging date, the date by which they are expected to have complied with the new legislation. To ensure that you’ve done so, you have to submit a declaration of compliance to The Pensions Regulator within five months of your staging date, setting out what you’ve done and confirming that you’ve met your legal obligations. Not doing so could be expensive…
How can One Financial Solutions help you?
One Financial Solutions is here to help you. We can help you plan and implement everything necessary to ensure you comply with the new legislation and fulfil your legal obligations.
If you already have a workplace pension scheme we’ll review it to make sure it can be used and will recommend any changes that may be needed. If you need a new scheme we’ll find one for you and, as a truly independent firm of financial advisers, we’ll make sure the scheme we recommend is selected from the entire market and is the one that is best for both you and your staff.
More than that, if you’d like us to administer the entire scheme for you, we can do that too.
So, if you’re looking for specific help about auto enrolment or just want advice on the subject, please call us on 020 3714 9565 or ask us to call you by sending an email to firstname.lastname@example.org.