1 October sees the first round of eligible employees automatically enrolled into a workplace pension scheme, as employers with more than 120,000 in their PAYE scheme are required to auto-enrol. These larger employers will have been working hard to put provisions in place for the change, but with smaller businesses gradually following suit, what is your business doing to prepare for the new legislation?
As an employer, it is your duty to provide workers with information about the forthcoming changes, yet according to research, up to 10 million workers – around 52 per cent of the UK’s working population – are unaware of the new rules which will see both the employer and employee contributing towards a pension.
It’s important to be up to speed on your duties as an employer regarding auto-enrolment, put provisions in place, and inform your staff about what is happening, or you could risk significant penalties.
We can help you with your auto-enrolment duties and communicate with employees.