The Pensions Regulator may have written to all employers a year and a half before their auto enrolment staging date, but not everybody has complied; indeed, hundreds of companies have, for example, missed the 1 March deadline.
Large employers had to comply first: now it’s the turn of mid-sized and small businesses: however, it is worth pointing out that the number of employees on which the staging is based, is determined by the size of a company’s PAYE scheme as at April 2012.
The new legislation requires all employers to enrol their employees into a pension scheme.
Khan Thornton is perfectly placed to advise and help through the process, as not all workforce members may be eligible, and the pension scheme in place must meet certain standards. Moreover, as an employer, you may be required to make contributions to the pension scheme. Government research shows that almost 80% of small businesses rely on their business adviser to help.