Your staging date is the date by which you must be ready to comply with the new auto enrolment regulations. Although some of these are yet to be confirmed an indication of the timeline for companies staging dates is attached.
*Please note the above is simplified for illustrative purposes. **Based on number of employees in largest PAYE scheme in April 2012.
The Government estimates that millions of people in the UK are currently not saving enough for their retirement. To help solve this problem the Government has introduced legislation that means every employer will have a duty to put a pension scheme in place. You will also have to automatically enrol certain workers into the scheme and make contributions on their behalf.
This presents a huge challenge for your business. You will need to understand your automatic enrolment duties, the impact on your business and the changes you will have to make.
We can help you with this challenge. We offer a range of services which will help you to understand and prepare for automatic enrolment. By starting to plan now, we can help you to mitigate the costs and minimise the disruption to your business.
The good news is that with the right plan you can manage the process, your cash-flow, and continue to focus on your core business.
A. The short answer is no.
The consequences of doing nothing have serious business ramifications.
Automatic enrolment is complex statutory legislation that needs to be complied with.
It is about having a robust process in place, not simply having a pension scheme.
The costs of getting it wrong (an unlimited fine and / or two years imprisonment) could be significantly higher than the expense of a pension contribution.
Our initial discussion with you is very important as it allows us to identify your current circumstances and objectives and to establish whether working with Clifton Asset Management will be beneficial for you. There is no cost for the initial meeting.
During the next five years more than 800,000 employers will need a pension scheme for the first time.
This will create a massive strain on the traditional providers of pensions, most of whom are unlikely to accept schemes which are set up with only the minimum automatic enrolment entitlements.
When you combine this with a limited number of qualified advisers with the experience, capacity and capability to deal with these arrangements, then it creates a genuine scarcity of resource.
It is simply a question of when, not if, advisers and providers no longer have the ability to take on new schemes.
Building a scheme that is fit for purpose
Making Automatic Enrolment a reality
Providing on-going scheme governance