Workplace pensions made easy
With business owners now being penalised for not having a workplace pension scheme in place, The Pensions Regulator has been back on the road reminding employers that workplace pensions are the law and they are enforcing it! Confusion between employers and advisers in relation to auto-enrolment is no excuse.
Leading up to your client's staging date they will have to:
- Assess each member of their workforce, find who MUST be enrolled and who else is eligible to join
- Know which members of staff have to contribute towards their pensions and how much
- Review any existing pension arrangements they have in place to ensure they are compliant with new regulations
- Communicate these changes to their staff
- Choose a pension scheme
At their staging date your client must:
- Enrol their eligible workers
- Register their scheme with The Pensions Regulator
- Review every member of staff at every payroll run
- Contribute to their workers’ pensions
- Re-enrol every three years
What happens if your client misses their staging date?
Enforcement actions range from office visits and statutory notices, to fines up to £10,000 per day and court proceedings.
How can we help?
TAM has partnered with key pension trustees and dedicated auto-enrolment administrators to help employers navigate workplace pensions, by providing them with a complete auto-enrolment solution that can be implemented in a few simple steps. These solutions will give you access to TAM’s professional investment management across a spectrum of portfolios encompassing mainstream, ethical and Sharia investment options.