The Government have introduced workplace pensions and every employer with at least one member of staff has a duty to set up a scheme for eligible employees.
It is called auto-enrolment because all eligible staff have to be given the right to enrol into a workplace pension scheme. Since the legislation was introduced Auto Enrolment Services has worked with businesses in Lancashire, helping them to set up pension schemes for their employees in line with the new requirements.
Once the scheme is set up, eligible staff can join the scheme with contributions coming from three sources – the employee, the employer and the government.
After the initial steps are completed, a declaration of compliance has to be drawn up which is completed online to confirm that the employer has met their responsibilities.
Failure to prepare and act will lead to fines being levied by The Pension Regulator.
Ensuring compliance can be stressful and time consuming, especially if you are unfamiliar with the complex legislation. Consulting a workplace pension specialist could help to alleviate the pressure for your business. If you are running a business in Lancashire or the surrounding areas, why not give the experts at Systematic Auto-Enrolment Services a call?
We have a team of dedicated accountancy specialists, ready for your workplace pension scheme and payroll accounting requirements. Get in touch today on 01772 456 782.