The automatic enrolment legislation puts the onus fairly and squarely on employers to operate automatic enrolment correctly for their employees. The message for employers is that preparation for automatic enrolment is very important and planning for your start date cannot begin too soon.
Many firms are now planning their response to automatic enrolment and many are taking steps right now. Financial advisers are uniquely positioned to help employers fulfil their duties and below we set out some of the ways an adviser can help. We have identified a number of questions which are key for employers considering how to fulfil their responsibilities.
• When do I have to have my pension scheme in place?
• Who do I have to enrol into the pension scheme?
• How much it is going to cost?
• What are my options in terms of providing an eligible pension scheme?
• What administration systems do I need?
The Pensions Regulator (TPR) has issued its first compliance notice to an un-named employer that has not met its duties under the automatic enrolment (AE) regime, as well as warning letters to 38 other employers. As of 31 March 2013, TPR had opened a total of 89 investigations into possible non-compliance by large employers.
The great thing is Lovewell Blake Financial Planning Limited can help an employer answer the questions above right now and enable the employer to be compliant by adhering to the legislation.
We are hosting a series of free seminars around the region in order to assist employers with the answers to the above questions. Please visit https://www.lovewell-blake-fp.co.uk/ for further details and to reserve your place.