What if we told you that your employees could be costing you hundreds or even thousands of pounds every day – through no fault of their own?
That’s exactly what could happen to a business owner who doesn’t register with the workplace pension scheme in time.
Every employer – from a family hiring a nanny, right up to the big corporations – must be registered with the new auto enrolment scheme.
All employers need to provide a pension, pay into it and tell their employees about it properly.
Fines for non-compliance range from £400 fixed penalties to daily escalating penalties ranging between £50 and £10,000.
We’ve yet to meet a business owner who likes the idea of needlessly pouring money into HMRC coffers – so what do you need to do?
Start by downloading your free guide to auto enrolment. There’s no catch; it really is free and it’s written in Plain English with practical, step-by-step actions.
There’s even a handy infographic showing you at-a-glance what you need to do and when.
Next, find out your staging date by visiting www.thepensionsregulator.co.uk – this is the date you need to have everything in place.
Don’t be tempted to leave it until you’re “not as busy” – we all know that day never comes! You need to start putting everything in place about 6 months before that deadline. The initial process takes a bit of time.
If it all sounds like a bit of a headache, we can look after it for you. BFN membership entitles you to free help with auto enrolment.
Again – no catch! BFN Members have free access to a fully compliant pension scheme through Smart Pensions.
They’ve been a respected name in the pension industry for many years and offer free set-up and free monthly administration. The pension is placed with Legal and General, another industry stalwart.
You will be guided through the entire process. The customer support team is UK-based and will help you with all the employee communications, including letters, posters and leaflets.
It covers hourly paid and transient workers and is suitable for all sizes of business and types of employee.
There’s no minimum number of employees, and pension transfers are permitted to and from the scheme. It also allows for flexible contributions within HMRC limits.
Any other questions about workplace pensions and auto-enrolment? Need to know more or want to sign up? Get in touch today, call 0800 470 4711.