WHAT IS AUTO ENROLMENT?
Workplace pensions law changes came into effect in October 2012. The changes meant that all employers, large or small, are required by law to help their employees to save for retirement.
All ‘eligible jobholders’ were automatically enrolled into a qualifying workplace pension scheme on the required ‘staging date’.
Auto Enrolment is staged over six years depending on the size of the business, with large businesses already having to enroll employees from October 2012.
Auto Enrolment increases the cost of your employees and brings with it lots of administrative tasks.
HOW DOES IT AFFECT YOUR BUSINESS?
All UK employers need to be compliant with this law. However, depending on the size of your business, there are different deadlines or ‘staging dates’.
|Size of business||Date enrolling must begin|
|Large employers (250+ employees)||Begin enrolling from October 2012|
|Medium employers (50-249 employees)||From April 2014|
|Small employers (49 employees or less)||From June 2015|
As an employer, you are faced with lots of duties in relation to planning, implementation and ongoing maintenance of your workplace pension scheme – so don’t leave it to the last minute.
WHAT HAPPENS IF I DON’T COMPLY?
Non-compliant businesses can face fines of up to £10,000 a day.
HOW CAN TAIT WALKER HELP?
We understand the challenges that businesses face on the implementation of new laws and regulations.
Tait Walker can help guide you through the auto-enrolment process and make sure your company complies with the new rules in time and in the most cost effective way for your business.
We offer expert service, support and independent advice to ensure that you:
- Have the most suitable pension scheme for your business
- Meet all auto-enrolment responsibilities
- Implement the compulsory changes as cost effectively as possible
Your free report
We offer a free review for your business that outlines your responsibilities, what actions you need to take and when. We also review any existing workplace pension scheme you may have in place and advise on compliance.
Contact Ian Marsh to arrange your free review:
We understand that a comprehensive package of employee benefits can boost the morale of your workforce and help to retain key staff. From pensions to income protection, to life cover and healthcare, we can arrange the best plan for your business and your employees.
- Perform a detailed review of your current benefits. Our specialists will ensure that you are offering your employees competitive rewards, whilst maximising your savings.
- Discuss changes to the workplace benefits package with your employees, answering their queries and explaining the rewards.
- Implement and monitor your plan to maintain your business strategy. We will also keep you informed in regards to tax and legislative changes, ensuring your package is both compliant and efficient.
Over the course of your working life you may have accrued a number of investments, protection schemes and policies. It is vital that you understand how to translate these into a reliable income in retirement.
We will advise you in regards to developing a clear strategy as you withdraw from your business to maximise your savings and protect against unforeseen liabilities.
Our dedicated team of specialists can offer a number of tax-efficient strategies for your retirement. Our innovative recommendations, combined with our strong market knowledge and experience, helps to create solid investments that reward your hard work.
“Tait Walker have demonstrated a high level of client service throughout our Automatic Enrolment process. They have been very flexible and demonstrated real value for money. We wouldn’t hesitate to recommend them to others.”
Ian Marshall – Operations Director George F White
Tait Walker Wealth Management is a trading style of Tait Walker Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Company Number 5674020. Incorporated in England.