The Directors at McPhersons Chartered Accountants are pleased to keep Business in Hastings members up to date with regular, useful financial information. In this months edition, their Financial Services business partner, Daron Beacroft, talks about Auto-Enrolment.
As you will be aware, all employers will have to provide workers with a workplace pension scheme by law over the next few years. This is called ‘automatic enrolment’.
WHEN DO I HAVE TO TAKE ACTION?
This depends on how many people you employ and is called your staging date. You can check your staging date by visiting the Pensions Regulator website.
I ALREADY HAVE A COMPANY PENSION SCHEME IN PLACE – DO I HAVE TO ACT?
If you already have a company pension scheme, we can review this for free to see if it meets the requirements.
WHO WILL BE AUTO-ENROLLED?
All workers who:
WHY WOULD YOU ENROL EARLY?
Besides avoiding the last minute rush and motivating employees the costs were lower than expected. For example, one of Mcperson’s clients with 25 employees was surprised to learn that enrolling would only cost an additional £250 per month.