Auto Enrolment – Are you ready?

Auto Enrolment is here!

Employers will have to enrol their workers into a pension scheme and both employer and employees will have to make contributions. The regulations are complex and penalties for not getting it right are hefty.  This is why Auto Enrolment is key.

With an average of 33 administrative tasks to perform, the estimated cost in set-up fees for small business compliance is £8,900 per annum.

The amount of employers that do not currently offer a workplace pension is 720,000 and it is estimated that it will take 103 working days per business to implement. Therefore, it may be difficult for businesses to keep track of everything and it is certainly worth looking at ways you can obtain professional assistance.

Employers are advised to start preparing for Auto Enrolment around 6-12 months prior to their staging date as there are lots of things to consider.

These include; which provider to use; which employees will need to be auto enrolled; the resource needed to administer the changes initially and every pay day thereafter; providing information to employees and the Pensions Regulator and keeping extensive records.

Burgis & Bullock is offering a series of free Auto Enrolment workshops from September to December 2014.  You can find a list of the dates on our home page at bandb.irunwp1.co.uk

To find out more contact your local Burgis & Bullock office on 0845 177 5500 or using our on-line form.