Your New Obligations Under Auto Enrolment Rules
Are you aware of new legislation that the Government has introduced called Auto Enrolment?
By April 2017 every employer must offer access to a pension arrangement to every employee aged between 22 and State Pension Age and earning over the ‘earnings trigger’ (£192 if employees are paid weekly, £833 if employees are paid monthly and £10,000 if employees are paid annually for the year ended 2015/16).
This legislation is a massive change and a huge challenge that will affect every employer in the country. It is very important that you are prepared for these changes because the penalties for not being ready in time are expensive at potentially £500 per day.
Each employer has a ‘staging date’, which is the deadline for having the measures in place. You will be advised of your staging date in due course and ideally you should start preparing 12 months before this to ensure that you will not suffer any penalties and to give you time to plan for setting up the scheme and any associated costs.
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Should you require our assistance and advice on Auto Enrolment, then please do not hesitate to contact us.