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Auto enrolment; are you ready?
As you will have seen in press and on television, work place pension legislation is here and will impact on every business in the country.
To ensure you are fully compliant with your auto enrolment obligations, you must enrol all eligible employees in a qualifying workplace pension scheme by no later than your company’s compulsory staging date. This date is set by The Pensions Regulator based on employee numbers. You’ll receive a letter confirming your staging date along with basic information about your employer duties from The Regulator one year in advance of your staging date.
You will also receive a further reminder three months before your date.
The staging date given to you by The Regulator is the latest point by which you need to have your auto-enrolment arrangements in place. To ensure that you are enrolled by your staging date it is important to start your planning at least 6 months in advance, this is the minimum requirement by Pension Providers.
The Pensions Regulator will police and enforce the new laws if this deadline is not met. Failure to comply will lead to fines proportionate to the non-compliance and could ultimately result in criminal prosecution.
We are pleased to shortly be announcing 3 auto enrolment seminar dates where we will cover in more detail those issues noted above. If you would like more details on these events, please do contact one of our offices directly.
In the meantime, if you you have any other queries please do contact your Relationship Partner.
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