18th February 2016

Visit The Pension Regulator stand

The Pensions Regulator is pleased to be participating in this event - to help employers and their business advisers understand more about workplace pensions and automatic enrolment. 

‎The law has changed and whether they're a hairdresser, an architect or employ a personal care assistant, if they employ at least one member of staff they will have new duties, including putting those who meet certain criteria into a workplace pension - this is called 'automatic enrolment'. It's automatic for members of staff, but it's not automatic for employers - they will need to take steps to make sure staff are enrolled. 

‎The regulator has a lot of information on its website - for both employers and their business advisors, such as accountants, bookkeepers, financial advisers and payroll bureaux. 

Over 87,000 employers have already automatically enrolled their staff and so almost 6 million people have been enrolled into a pension. 

Around half a million employers will start their duties this year, with about 100,000 doing so between January and March. However, over 50% of the smallest micro-employers staging this year have not yet started making plans for automatic enrolment. Many may leave their preparations to the last minute. 

The regulator does have enforcement powers and, whilst we know the vast majority of employers want to do the right thing, we will fine those who continue to be non-compliant and/or do nothing. We have issued over one and a half thousand £400 fixed penalties to date and, for those employers who continue to be non-compliant, we have issued daily fines (penalties are £50 per day for employers with up to 4 staff and £500 per day for those with 5 to 49 staff). 

But we are here to help.

So, if you are a business adviser, are you on track to support your clients with their duties? Do you know how to complete a Declaration of Compliance and will you be doing this for your clients?

If you are an employer, do you know when your duties start (known as your 'staging date')?  Do you know whether you have staff to automatically enrol and so need to choose and set up a pension scheme before your staging date?  

‎Come and visit The Pensions Regulator's stand where we have lots of information to help you and where our experts will be available to answer your questions.

Register here

Panacea Events, Retirement