{"id":2719,"date":"2014-10-28T16:46:11","date_gmt":"2014-10-28T15:46:11","guid":{"rendered":"http:\/\/sjbealehrconsult.co.uk\/blog\/?p=2719"},"modified":"2014-10-28T16:46:11","modified_gmt":"2014-10-28T15:46:11","slug":"employers-not-ready-for-pension-auto-enrolment","status":"publish","type":"post","link":"https:\/\/sjbealehrconsult.co.uk\/blog\/employers-not-ready-for-pension-auto-enrolment\/","title":{"rendered":"Employers Not Ready for Pension Auto Enrolment"},"content":{"rendered":"

In 2015 1.5 small and micro sized businesses must face implementing pension auto enrolment. \u00a0It\"auto<\/a> seems according to the media that many employers are not ready for pension auto enrolment. \u00a0A Pension Regulator report shows that half of micro businesses do not even know when they are meant to be compliant. \u00a0This is despite the wealth of information out in the public domain. \u00a0Many small businesses have by now been informed by letter when their staging date will be and are given ample notice to comply.<\/p>\n

A recent article in the Independent newspaper http:\/\/www.independent.co.uk\/news\/business\/sme\/small-talk-many-employers-face-penalties-over-pensions-autoenrolment-9778756.html\u00a0<\/a>states that employers are sleepwalking their way past a legally binding deadline. \u00a0This year 12,000 small businesses with 62-89 employees should have complied by 1 July 2014 but asked for a three month postponement which they are legally entitled to do. \u00a0However, apparently many have still not complied and will face a fine by the Pension Regulator.<\/p>\n

Research done by NOW pensions highlights that many small businesses are approaching advisers very close to their staging date \u00a0or even after the staging date has passed, which is far too late. \u00a0Furthermore a survey done by Sage payroll software of IFAs showed that many of their clients don’t see auto enrolment as their top priority and only 1 in 5 businesses are aware of the process. \u00a0This is despite an extensive government advertising “I am in” campaign using top celebrities such as Theo Paphitis to spread the word.<\/p>\n

Auto Enrolment is the Government’s flagship legislation to solve the country’s \u00a328 billion pension black hole. \u00a0It began in October 2012 initially with very large companies some of whom have struggled despite the resources available to help them comply such as Finance Directors and HR departments. \u00a0No matter what employers and small businesses think about the process they must put a workplace pension in place or be at risk of huge fines. \u00a0Unfortunately many do not have the know how, resources or time therefore early intervention is key to falling foul of the Pension Regulator.\u00a0<\/span><\/p>\n

The Pension Regulator is policing the system. \u00a0Once a pension scheme is in place and auto enrolment has been undertaken an employer must confirm via a compliance tick list and submit that to the Pension Regulator within five months. \u00a0If companies fail to implement the auto enrolment process they will be tracked down and dealt with very harshly. \u00a0Small businesses with the many costs they face, can ill afford to shell out unnecessarily.<\/p>\n

The Pension Regulator recommends starting the process 12 months before the staging date and this is very good advice. \u00a0There is a lot of work to do – finding a provider whether that is for a private pension or NEST the government run scheme, setting up administrative processes and consulting with employees. \u00a0My experience is that many small businesses and employers are burying their heads in the sand, but it is the elephant in the room and will not go away.<\/p>\n","protected":false},"excerpt":{"rendered":"

In 2015 1.5 small and micro sized businesses must face implementing pension auto enrolment. \u00a0It seems according to the media that many employers are not ready for pension auto enrolment. \u00a0A Pension Regulator report shows that half of micro businesses do not even know when they are meant to be compliant. \u00a0This is despite the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32,289,288,290],"tags":[522],"class_list":["post-2719","post","type-post","status-publish","format-standard","hentry","category-pension-auto-enrolment","category-pension-auto-enrolment-template-letters","category-pension-regulator","category-pensions-paperwork","tag-employers-not-ready-for-pension-auto-enrolment"],"aioseo_notices":[],"yoast_head":"\nEmployers Not Ready for Pension Auto Enrolment<\/title>\n<meta name=\"description\" content=\"Employers Not 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