Think auto-enrolment is about pensions? Think again…
If you knew the fixed costs of running your business were going to increase from a specific date, would you plan?
The answer would, of course, be yes.
Planning for auto-enrolment is no different.
For each business, the government has specified dates from which a workplace pension must be offered to certain individual’s. It is on this date that your businesses fixed costs will increase.
So, financial planning is absolutely vital.
But it’s more than a pension scheme…
At least 10 months before your specified launch date, you should be starting to plan.
There are several steps you need to consider when planning for auto-enrolment;
- Know your staging date
- Assess your workforce – who is eligible?
- Choose a pension provider
- Communicate the changes to all eligible workers
- Automatically enrol your eligible workers
- Register with The Pension Regulator
- Contribute to your workers pensions
This can’t happen overnight.
At CB, Chartered Accountants our team can guide you every step of the way, from financial planning and assessing your workforce, to choosing a pension provider and managing the process through payroll.
Employers can be fined up to £2,500 each day if they fail in their pension obligations so do not delay!
Contact us today in Worcester on 01905 454854 or in Tewkesbury on 01684 290123.