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Auto Enrolment

Auto enrolment is a real challenge to your business. Are you ready???

Every employer in the UK will be affected by auto-enrolment. Under new legislation, you are required to enrol all employees that meet certain criteria into a pension plan and then contribute to their pension.

Whist this will prove onerous for many firms, this is only the start.

There’s a significant administrative burden to auto-enrolment and if you don’t comply with the new requirements you could face a FINE:

Number of employees Prescribed DAILY rate
1-4 £ 50
5-49 £ 500
50-249 £ 2,500
250-499 £ 5,000
500+
£ 10,000

For example, you need to:

Assess which employees are eligible – there are three different categories of worker

Communicate the right information at the right time (to the right people)

Manage the payroll (dealing with employees who opt out, new employees and employees who move from one category of worker to another)

Establish thorough record keeping (you could be audited by The Pensions Regulator at any time)

Choose a pension plan and make decisions about which investment choices to offer

Even if you have an existing pension scheme in place, you will still have to comply with most of these additional duties and responsibilities. You may believe the government pension scheme, The National Employment Savings Trust (NEST), will take care of the administration, but it won’t.

Fortunately, at Thompson Financial Consulting IFA we have a solution that will, a solution that means you can stay focused on building your business – not running your pension scheme.

Want to know more?

To find out more about auto- enrolment and your duties as an employer, click on the link below:

To download the Auto enrolment employer guide please click here

FREE initial consultation

I am currently offering employers within the Suffolk and Essex area an initial consultation to assess their auto-enrolment duties. This is a free 30 minute consultation.

You could even save money!

There is a government-approved process that’s been used for years by large employers to significantly reduce their pension scheme costs. This is now available to smaller employers and I can explain this to you when we meet.

Please get in touch to arrange a meeting and let me help you to meet your new duties around auto-enrolment.

Get in touch now to find out how Thompson Financial Consulting IFA can help you meet your auto-enrolment requirements.

Auto-enrolment is not regulated by the FCA

 

Thompson Financial Consulting Ltd is authorised and regulated by the Financial Conduct Authority.

Registered office: 8 Stone Street Court, Stone Street, Hadleigh, IP7 6HY.  Registered in England ; No. 6519830


Telephone: 01473 828973
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The guidance and / advice contained in this webite is subject to UK regulatory regime and is therefore targeted to consumers in the UK.