As of April 2015, it became a mandatory requirement for all employers with fewer than 50 employees to automatically enrol eligible employees into a qualifying workplacescheme. The new legislation was implemented to assist the general population in saving for , though at the same time triggered much confusion among employers.
With fines of up to £500 per day payable by businesses failing to comply, immediate action and proactive planning are of the utmost importance.can help advise you on your current workplace pension schemes, along with assisting in mapping out long-term strategies for the benefit of both the business and the workforce alike.
A Mandatory Requirement
All employers across the United Kingdom are now legally required to offer workplace pension schemes. While many employees actively research what’s available to them and make their decisions accordingly, others do not fully utilise available schemes. By automatically enrolling employees, the government hopes to further the long-term financial welfare of millions of workers.
At Haven IFA, we can help you and your business:
- Set up a qualifying workplace pension scheme to meet new legislation outlined by The Regulator.
- Establish a compliant, high quality and cost-effective pension scheme that meets your needs.
- Assess which members of your workforce are eligible under current legislation.
The process can be complex and relatively intensive – we strongly advise planning ahead to avoid facing stiff and on-going penalties.
For more information on workplace pension schemes or to discuss the compliance of your own business, give the Haven IFA team a call today on 0161 495 9340.