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Thursday, 01 October 2015 11:01

IT’S JUST GOT TO BE DONE! PENSIONS AND AUTO ENROLMENT.

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Auto enrolment is now well under way and employers are receiving letters from the Pensions Regulator with their staging dates. There is already speculation that the closer it gets to the end of the process then the more pressure there will be for the regulator to register everybody on time and if you leave it to the last possible minute then you might miss your deadline. Just like HM Customs and Revenue (HMRC) missed filing deadlines with the Pensions Regulator will equal hefty fines, starting at £400 for the missed filing and then anything from £50 to £10,000 per day (yes that’s per day) depending upon the number of staff employed.

We think the best thing anyone can do is start the process as soon as they receive their letter from the Pension Regulator giving them their staging date. This will make sure that the letter doesn’t sink to the bottom of the pile and cause a last minute panic, or fine, when you realise you are close to or have missed the deadline. Even if you don’t have any employees you have to register and make a written declaration, so don’t ignore your letter when you receive it.

There are plenty of options available to complete the process. You can do it yourself by logging onto www.tpr.gov.uk/ongoing-duties for guidance or you can use a third party to help. However, the costs from some providers can be as much as £1500 to help you complete your registration and after that you are on your own.  So, following a number of requests for help from clients, we have now set up a simple, cost effective auto enrolment service at One Plus One. One meeting with one of the specially trained team and then you can leave the rest to us, safe in the knowledge that we will make sure everything is submitted on time and that you fully comply with the new regulations. We even provide letters for you to give to your employees explaining what will happen and when and if you are a One Plus One payroll client we will also be responsible for sorting out all the pension payments to your pension provider.

Whatever route you choose, this is a new legislation that you ignore at your peril, unless you have bottomless pockets and don’t mind filling the government coffers with your hard earned money once the fines come rolling in!

If you would like to talk to one of us about this why not give Jade a call on 01626 833828.

Read 797 times Last modified on Wednesday, 05 October 2016 16:27