Automatic Enrolment is Reaching a Critical Turning Point

While nearly 5.4 million people have been enrolled, 97 per cent of all UK employers are yet to reach their Staging Date - So the biggest challenge is yet to come.

A total of 1.8 million smaller employers are required to stage their schemes by 2018.

How Can Kingfurness & Associates Ltd Help?

Kingfurness & Associates Ltd are able to fully advise and assist with the forthcoming changes.  We will complete an analysis of your business requirements and objectives and help you set up a scheme that best suits you and your staff.  Guiding you through the process smoothly to ensure you meet your obligations under the new law.

PLEASE CONTACT US FOR FURTHER INFORMATION ON 01432 277877

OR EMAIL:  autoenrolment@kingfurness.co.uk

 

What is Auto Enrolment?

As an employer in the UK, you have a major role to play.

As an employer you will need to have a qualifying pension scheme in place for your qualifying employees.  There will need to be a minimum level of contributions paid in by the employer and employee.  If you already have a pension scheme you will need to ensure that the scheme is fully compliant with the legal requirements.  If you do not have a pension scheme yet you will need to set one up.

Why should you Comply?

  • Because it is the Law
  • It will help to retain and motivate staff
  • An employer should adopt a Paternal instinct

Staging Dates

  • Identify your staging date
  • Implement a suitable scheme
  • Review

What happens if employers choose not to act?

Employers can receive the following fines if they choose to ignore their obligations under the new law.

An initial one off fine of £400.00 to the employer for non-compliance can be followed by: -

Stage 1 – WARNING – Compliance/unpaid contribution notice

Stage 2 – WAKE UP CALL – Fixed penalty £400.00

Stage 3 – PERSISTANT OFFENDERS – Escalating penalty

Workers Penalty per day*
1-4 £50.00
5-49 £500.00
50-249 £2500.00
250-499 £5000.00
500+ £10000.00

The Pension Regulator will have the power to impose these penalties on employers who fail to comply with their employer duties.

*The daily rate is generally determined by the number of people in the employers PAYE scheme or the number of people affected by unpaid contributions.