Auto-enrolment hits ‘huge milestone’ of 1 million employers
Cotswold Independent Financial Services works closely with employers to fulfil their auto enrolment responsibilities. With nine million employees enrolled the impact of auto enrolment is now really beginning to take shape. According to Professional Adviser “One million UK employers have enrolled staff into a workplace pension, meaning more than nine million employees have now been automatically enrolled since the government policy was rolled out in 2012.
The latest figures from The Pensions Regulator (TPR) show more than 600,000 employers have complied with their duties in the past year alone.
The deadline is approaching for the remaining 150,000 employers, including new businesses set up since the scheme was launched, to enrol their staff by June this year.” Read more here.
There are clearly huge issues for all of our clients and if you get it wrong you will face potential sanction from the Pension Regulator starting with a statutory £400 fine followed by an ongoing fine of £500 for each day of non-compliance if you employ between 5 and 49 staff. If you employ between 50 and 249 staff this rises to £2,500 per day!
The only way to ensure you are ready for auto enrolment is to plan well ahead. This will ensure that all potential hazards such as potential short comings in existing scheme, possible HR policy changes, consultations and commitment from providers are overcome.
This is a complex project management exercise whether you are a small operator or a sizeable employer and we have the expertise to deliver this for you. Our experts are currently delivering auto enrolment projects to employers right now and you can benefit from this by the proven experience we deliver. We have successfully set up systems for employers with employee numbers ranging from 1 to 1,000 so you can be sure you are in safe hands and this issue can be taken off your desk so that you can get on with running your business.