Do you have less than 30 employees?
From 1st June, waves of firms with under 30 employees will start to be phased in to the Government’s automatic enrolment scheme. The Pension Regulator state approximately 14,000 small and micro businesses will be reaching their staging date this month, with tens of thousands more due to stage over the next 2 years.
Recent research from NOW Pensions revelled that some 25% of 350,000 small business are at risk of receiving a penalty for not complying as they have not found a pension provider. The Pension Regulator recommend that you start your auto enrolment journey 12 months before your staging date. If you don’t already know your staging date check The Pension Regulator website.
Friends of Automatic Enrolment and the CIPP have been raising the issue of the Capacity Crunch for some time. With pension providers not having the resource or the desire to service the pension needs of some of the smaller business the sooner a business selects a pension provider the better.
Fortunately NEST have been set up by the government to ensure that every business has access to a workplace pension scheme that meets the requirements of the new pension rules. Now Pensions are also a pension provider which have a not for profit approach and invest responsibly.
Not only do you require a pension scheme but following advice from TPR, it is recommended that you use your payroll provider to help you comply with your responsibilities. That’s why IRIS have developed the IRIS AE Suite which automates auto enrolment.
The best way to see how IRIS can help is to join an online demonstration of the IRIS AE Suite™.