SMEs risk fines of up to £10k a day for non-compliance with auto enrolment
Small and medium businesses are putting themselves at risk of huge fines for non-compliance with automatic enrolment, a recent survey from IRIS has revealed.
Industry experts are urging businesses to start preparing for auto enrolment 18 months before their staging date (the date at which you must begin complying with auto enrolment), but despite this it seems that for many businesses this is the last thing on their mind.
In a recent study we found that 90% of smaller businesses (0-100 employees) said they felt unprepared for auto enrolment, with over 50% having no knowledge of their staging date.
It is vital that businesses are prepared for auto enrolment, as The Pensions Regulator has the power to enforce penalties of up to £10,000 a day for businesses that fail to comply with the legislation.
We mentioned in a previous post that some pensions providers were turning business away from companies who were not leaving adequate time before their staging date to prepare and with demand constantly increasing, you need to start acting now to ensure you can achieve compliance.
Have you started thinking about auto enrolment yet? We are holding training courses across the country to help you prepare. Why not visit our brand new training store to find where your closest seminar is?