The Pension Regulator issued a press release 17 October 2013 alerting medium sized businesses of their obligation to set up and automatically enrol employees in a pension scheme. They said:
“The clock is ticking for thousands of medium sized employers across the UK who have six months to go before their duty to automatically enrol workers into a work-based pension is switched on. Over the past few weeks, The Pensions Regulator has sent around 6,000 letters to employers alerting them to begin finalising their preparations to meet their duties under automatic enrolment legislation. Thousands more letters calling employers to action will follow between now and Christmas.
Figures released today by The Pensions Regulator show that more than 1.7 million workers have already been automatically enrolled by their employers. More than 2,000 large employers have complied with their automatic enrolment duties and the regulator is stressing that by now medium sized employers should have plans in place to do the same. Leaving preparations too late can risk non compliance and this can come at a cost.”
Small employers, those with less than 50 staff when the scheme started 1 April 2012, still have some time to go before they need to implement Auto-Enrolment. However, all businesses affected should be starting to consider their options now.
If you want to know when you will be required to set up and enrol your staff into a pension scheme you can enter your PAYE reference number in a simple tool on the Pensions Regulator website at: http://www.thepensionsregulator.gov.uk/employers/tools/staging-date.aspx this will advise you of your official “staging date”.
More general advice regarding your responsibilities can be accessed at http://www.thepensionsregulator.gov.uk/employers.aspx
Finally, if you need help with implementation planning, please call us to organise a fact-find appointment.