Are you giving your business enough time to prepare for auto enrolment?
Organisations across the UK will see auto enrolment activity speed up dramatically this year, with around 32,000 businesses having staging dates in the 2014-2015 financial year alone. This means that as demand for software, services and advice increases, access to them may become limited.
With this in mind, are you giving yourself enough time to prepare to ensure you are compliant by your staging date?
The Pensions Regulator is urging businesses to start planning for auto enrolment 18 months before their staging date, but many smaller businesses are under the impression that this advice does not apply to them.
With fines of up to £10,000 a day being introduced for non-compliance however, it is not worth taking the risk. Regardless of the size of your business, you will still have the same number of tasks to undertake while preparing. For smaller businesses this could take much longer than larger organisations, as you may not currently have a pension scheme in place.
The best advice we can give is to first find out your staging date, which can be found on The Pensions Regulator website. Once you know this, you can use the below plan as a template and work out what steps you need to take to ensure you are fully compliant and avoid any penalties.
Create your own 18 month auto enrolment plan