Following the introduction of RTI last year, the next challenge facing payroll departments within small and medium sized enterprises sion scheme for their employees.
For larger firms of over 250 employees, Auto-Enrolment is already a reality, having been phased in between October 2012 and 1 February 2014.
The next stage will be to extend Auto-Enrolment to employers with between 50 and 249 employees from 1 April 2014 to 1 April 2015. Employers with 30 to 49 employees will be affected between 1 August 2015 and 1 October 2015 and finally existing business with fewer than 30 employees will be required to enrol their employees in a pension scheme between 1 January 2016 and 1 April 2017.
Precise “staging dates”, which will be assigned by the Pensions Regulator on behalf of the Department of Work and Pensions (DWP), can be found using the Staging Date Calculator on their website. The pensions regulator has also issued general guidance on Auto-Enrolment.
Independent Financial Adviser, Howard Pearce, from our sister company, Inspire Financial Services, can help you with any queries you may have regarding Auto-Enrolment, and its full implications on your business. He can be contacted either on [email protected] or at the office: 0800 077 6410.