SMEs advised to prepare for auto-enrolment or risk fines

All small and medium-sized enterprises (SMEs) operating in the UK must automatically enrol their employees into a company pension scheme by 2018 – or possibly much sooner – depending on their unique staging date.

A recent study carried out by The Pensions Regulator (TPR) found that some 200,000 UK employers have already completed their auto-enrolment duties – and that as many as 6.5 million employees have already been automatically enrolled into a workplace pension scheme.

However, many businesses are far from prepared. In fact, some are not even aware of their unique staging date – and yours could be closer than you might think.

If you do not know when your date is, Moore Thompson can determine this from your PAYE scheme reference number – and advise you on each next step to ensure that you will comply with the legislation and therefore not incur any fines.

We can also ensure that your employees are provided with the necessary information, as well as submitting accurate auto-enrolment information to your chosen pension provider.

At Moore Thompson, we offer advice on auto-enrolment at very competitive rates, and our payroll team can manage all of the necessary changes so that your employees’ pay is correctly adjusted. Many of our existing clients are already benefiting from our expertise to ensure that they meet their obligations. For more information about our payroll services, please contact us.

Posted in Payroll Press Articles.