Workplace Pensions

Auto Enrolment - act early Auto Enrolment - act early

You may have heard about Workplace Pensions on the TV or radio. You may have had a letter from the Pensions Regulator.

Auto Enrolment is a government programme which came in to law on the back of the 2008 Pensions act. It makes every UK employer legally responsible for the provision of a qualifying pension scheme for all of their eligible employees. So far only larger employers have enrolled, but between now and 2018 1.2 million UK employers will have to sign up to a scheme or face fines of £400 and then £50 per day until they comply.

Workplace Pensions Direct provide a simple online solution which enables employers to sign up in under 10 minutes and provides a Corpad administered scheme with fund management provided by global fund managers Aegon. The solution is targeted purely at small and micro employers with fees starting as low as £390 for set up and £19 per month based on a 2 year contract.

You will have to comply even if you only have one employee and even if this employee is not eligible you still have to assess your workforce at every pay period, keep records and communicate with the Pensions Regulator. You may not stage until 2016 or 2017 but between 50,000 and 100,000 employers will be staging every month during this period so act early and don’t get caught out.

Click here to view statistics courtesy of The Pensions Regulator.

For more information please call Richard Norman on 07748 117979 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it