Are you ready for Pension Auto Enrolment?
Pension auto enrolment requires employers to automatically enrol eligible workers into a qualifying pension scheme. The date by which you need to implement the pension scheme for your business will depend on the size and type of business you own. By October 2018, all businesses will need to contribute at least 3% of qualifying pensionable earnings for eligible workers.
SME’s are likely to have less knowledge of pension schemes, for many companies auto-enrolment will be the first time they have had to consider contributing to employees’ pension pots. This may represent a significant and growing expense to the business.
It’s vital that employers assess how much they can expect their costs to rise with auto-enrolment. Stafford & Co can help clients to forecast accurately and plan whether pension costs can be accommodated within existing budgets and, if not, where savings can be made to ensure the firm begins enrolment on time. If you require any assistance in preparing for auto-enrolment please contact us.
To ensure that you are ready for this change, and understand the steps to prepare yourself and your business download our 7 steps to Pension Auto Enrolment PDF.