Are you looking for workplace pension or auto enrolment advice in Thornbury, Bristol or the surrounding areas?
With nearly 1 million companies staging in 2016 / 17 auto enrolment is something that small business owners can no longer ignore. You may have already been notified of your staging date by the Pension Regulator and don’t know what to do next?
Although pensions, in one form or another, have always been part of your duties as an employer; up until recently it has been the much larger employers who have been affected by Auto Enrolment rules. As from 1st January 2016 however, the type of employer having to put a workplace pension scheme in place will be those who employed less than 30 staff in April 2012. This effects more small businesses than ever before.
The Pensions Regulator’s research suggests that one in five employers (290,000) will not seek advice when choosing a pension scheme, while one in ten (130,000) don’t know how to select a scheme, or think it will be difficult. Does this sound familiar? Are you thinking of staging alone?
It is important that all employers are aware of firstly, your staging date and secondly your duties as an employer. If you fail to comply with the Pensions Regulator’s rules or you ignore auto enrolment, miss your staging date, don’t pay your contributions, or continue to ignore your duties, this could include fixed fines of £400, or between £5,000 and £50,000 plus daily fines of £50 to £10,000. That soon adds up to be an expensive mistake!
If you are one of the 290,000 who choose not to take advice, what price do you think you are worth an hour? How much time would it take you to set up your own scheme and learn all the rules involved in Auto Enrolment? Would it be more cost effective to pay for someone to take away the hassle and responsibility?
Although Auto Enrolment is a necessity for all employers in the near future, it is also an opportunity to show your staff the benefits of working for your company and reinforcing the positive message saving for your future can have. Recruiting new staff is more costly than retaining them.
There is going to be a great deal of demand for advice in 2016/17 and there are only so many financial advice firms that are active in this particular market. Our advice is to take action NOW even if your staging date is 6 months or more away. The process of putting a scheme in place can take many months so please DO NOT leave it to the last minute!
Sovereign IFA Ltd has helped many employers with their Auto Enrolment, we understand the regulation and which scheme is likely to work best for you.
Get in touch and make sure you aren’t one of the employers who faces that £50,000 fine…
For help and advice please call us on 01454 416653 or email us firstname.lastname@example.org