More and more companies are receiving heavy fines for non-compliance with regard to Auto-Enrolment pensions. Make sure you are not one of them! Here are six key points that you need to think about.
A recent study by a leading Asset Management firm found that over 75% of employers expressed concern and pressure due to the increased administrative burden and costs associated with Pensions Auto-Enrolment. Even for smaller companies, the work needed is still a considerable amount. Ensuring compliance often falls under the Business owner with the support of payroll specialists or admin support.
In order to make sure you are compliant and have all the correct resources in place for the task of Pensions Auto-Enrolment, here are six key questions that every business owner should be asking themselves:
- Do you have an Auto-Enrolment plan already in place? Do you need to put an internal project team in place to manage the processes?
- How much time do you think Auto-Enrolment will take you each month? Will this increase over time?
- What is the actual cost to your business? This covers both time and completing the compliance tasks yourselves.
- Who will check that your Auto-Enrolment scheme has been set up correctly and that you are meeting all of the ongoing employer duties? Whatever scheme you are on, it has to comply with all the regulators.
- Have you audited your processes? You must make sure that you meet the guidelines set out by the Pensions Regulator.
- Is it cheaper and less risky to outsource Auto-Enrolment? If you are not sure that you can meet all the requirements in-house, it might be worth outsourcing to make sure you comply with all the regulations.
Many of our clients have chosen to partner with us after analysing the cost, resource and time involved. They realise that it is cheaper to outsource delivery. Doing so with an experienced, specialist adviser buys peace of mind knowing that you are complying with regulations.
Running a business can be stressful and time consuming. Let us take some of the strain off you. Contact us today.
You may also be interested in downloading our Automatic Enrolment - Employers Guide
, or have a look at our blog post on 'Auto-enrolment penalties: Are you at risk?'
Auto Enrolment business is referred to SG Financial Services a trading name of Vintage Corporate Limited authorised and regulated by the FCA under number 670374.