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ESG Diligence: The Key To Sustainable M&A Transactions
AAB / Blog / Workplace Pensions. Small Business Owners, Don’t Miss This!
BLOG10th Mar 2016
“I’m sorry? You haven’t heard about Automatic Enrolment?
Ah, there it is – the “sorry” word. It’s used or implied quite a bit when the Government seeks to remind small businesses of their responsibilities, isn’t it? The gist from the Pensions Regulator invariably being: “Comply with the legislation, or we’ll find you, and then you’ll be sorry”. This usually means there’ll be a hefty penalty to pay. Yikes! But it doesn’t have to be like that. Not at all. Especially when it comes to workplace pension auto enrolment and re-enrolment.
Why? Because, for a myriad of small businesses across the UK, having a quality pension solution in place is a positive thing, for all parties involved. Here’s why:
With all those positives, it’s easy to see why thousands of businesses are already happily complying with pension auto enrolment legislation (without needing to be reminded of the “hefty penalty” bit). Employers everywhere think it’s a fine idea in fact; as do employees.
Now, auto enrolment is on the horizon for many small businesses (it began in 2012). If you’re a little confused about what’s involved, don’t worry. You’re not alone. And it’s really not all that hard to get to grips with or manage.
Your key responsibilities are to:
And then to:
As an employer, do keep records of what you’ve done to comply with your duties, this includes relevant files regarding the payment of workplace pension contributions (a key element of your auto enrolment regime). Oh, and you and your pension provider need to maintain specified records about members and their status in the scheme. But that’s not the headache unwise and short-term thinking legislation dodgers think it is. Au contraire.
Seeing all this as an opportunity (rather than a hassle) is the best mindset to adopt. Really. Think about it. Auto enrolment provides a chance to deliver strong positive employee engagement. How? Well, by employers making contributions, for one! It will also bring you up to speed with other businesses doing the same. And when seeking new staff, you can offer workplace pension auto enrolment as part of their corporate benefits package.
Of course, with the changes to auto enrolment that lie ahead, there’s bound to be some confusion and lack of understanding amongst businesses about their obligations as employers, and the real day-to-day work that auto enrolment calls for. But, fret not. An experienced payroll provider will help you manage your pension scheme, meaning that you can rest easy knowing that the data will flow seamlessly. They will ensure pension payments are accurate and processed in a timely manner. An advantage of this integrated approach is that your data is secure at all times, and not being sent through a third party.
So, there’s very little to worry over, and much to be excited about. But don’t delay…
With over 500,000 employers set to stage auto enrolment in 2016, payroll providers offering quality pension solutions (with online capability and increased flexibility ‘built-in’) are already becoming inundated with enquiries from small business owners everywhere. And one of the largest UK pension providers will implement no more than 10,000 new pension schemes in 2016. This gives an indication of the reduced choice smaller employers will have when it comes to selecting a quality pension scheme for their employees.
The bottom line is, when it comes to securing a quality pension solution, or to comply with re-enrolment this year, you need to act sooner rather than later. You’ll feel good about doing it, and your staff will LOVE you for it. Promise.
Now find out your staging date!
How AAB can help you with
Accurate, efficient handling of payroll functions and employment tax are fundamental to your success. We help you get them right – easing your workload, ensuring compliance in the UK and globally, and keeping your employees satisfied. Our comprehensive services for payroll and employment taxes address all these issues and help you operate efficiently, confidently and compliantly. Whatever the size of your business, from start-up to global player, all the services you require from us will be tailored to your specific needs and integrated to provide seamless support.
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