This is an opportunity for our MAP Link partners to offer businesses a solution to Auto Enrolment either directly, or through Accountants/IFAs.
What is Auto Enrolment?
The Government has made it compulsory for all companies to provide a pension scheme.
Auto Enrolment will have an effect on all businesses whether they employ just 1 person or 1000. The Government’s desire for self-sufficiency in workplace pensions resulted in the Auto Enrolment Legislation being brought into force. The largest companies were required to establish their compliant schemes from October 2012, with a series of staging dates being introduced determined by the number of employees in a company over the next few years. All eligible workers will need to be automatically enrolled into a Qualifying Workplace Pension Scheme with mandatory minimum contributions from the employer and the employee, the only criteria are when and how much!
It is estimated that at its peak there will be over 200,000 businesses trying to “stage” (set up their own scheme) in the same quarter. All businesses will be required to have a qualifying workplace pension scheme in place and will be required to have a system capable of administering employee contributions and benefits. In addition, businesses must maintain adequate records and meet all the requirements of the Pensions Regulator.
Map Enrolment offer a free initial consultation to help you understand your duties as an employer and provide you with a panel of work place pension providers.