Who does it apply to?
If you employ one or more people you may be impacted by Automatic Enrolment and will need to ensure you comply with your responsibilities.
UK employers are required by law to set up a qualifying workplace pension scheme and automatically enrol certain employees into it. They must also make pension contributions for any employees who join and remain in the scheme and comply with other statutory obligations.
Employers must demonstrate compliance with the new regulations by registering with the Pensions Regulator and completing a declaration of compliance every 3 years. This also includes keeping detailed records for six years.
How does it affect new businesses?
New employers for the first time on or after 1 October 2017, will immediately have legal duties for their new member of staff. These duties apply from the first day the member of staff started working for you.
When someone is about to employ a worker for the first time, they need to take certain steps in preparation for taking on staff, such as determining whether they need to register as an employer with HMRC, or taking out liability insurance. Getting ready for automatic enrolment is just one of these steps.
SG Corporate Services have vast experience in arranging and administering pension schemes for companies of all sizes. We can help employers and employees to understand the complex legislation and how it affects them.
We can help you review your current scheme and work towards achieving the above. Contact us on (01603) 760866 or firstname.lastname@example.org.