Is your staging date fast approaching?

By 17th June 2016 Latest News

Don’t panic, we’re here to help!

Does the thought of Auto Enrolment fill you with dread?   It certainly can do!  We’re finding a lot of employers just don’t know where to start.  We’ve communicated with our current clients and have tried to iron out all the worries and concerns you may have.  The main concerns highlighted are: employers lack of knowledge to deal with the workplace pension requirements and the rules seem unnecessarily complicated.  It’s very tempting to bury your head in the sand and wait until the last minute to deal with this, but you need to tackle this head on.  We can help you!

If it’s all sounding confusing, don’t worry.  All UK businesses are in the same position as you, and the good news is, Auto Enrolment  assistance is available.  We’re here to not only address the concerns you have about Auto Enrolment, but to take the stress out of the process for you.

Auto Enrolment is designed to help your staff save for their retirement.  In simple terms, it means that your employees must be automatically enrolled into a company pension scheme.  However, just because it’s automatic for them, doesn’t mean it’s automatic for you.

Still sounds complicated?  Well it certainly can be which is why it’s useful to have help from an expert.

In a bid to ensure that more people are financially prepared for retirement, the government has introduced new pension legislation for all businesses with staff in the UK.
The new rules state that you must automatically enrol your staff into a company pension scheme. If they choose to opt out, they can do so. However, you’re legally required to enrol them, regardless of whether they want to be part of the pension scheme or not.

Whilst AE is beneficial to staff, it presents a number of challenges to business owners.  You not only have to assess all employees for eligibility each and every pay period, but go through the lengthy process of enrolling them, plus ensure that your business is fully compliant throughout.

As their employer, you’ll have certain duties.  These include:

• Checking Eligibility
• Monitor Circumstances
• Communicate to your employees
• Keeping to your staging date
• Stay compliant

It’s important to be financially prepared for Auto Enrolment, and as you might imagine, there are costs involved with the process.  As an employer, you’ll need to make contributions for every eligible member of staff.  There will also be fees involved with setting up your pension and for ongoing administration.

EKW Group takes pride in offering a highly competitive Auto Enrolment solution.

• Initial set-up from £100.
• Ongoing payments from £50 per PAYE scheme operated.

It’s advisable to work with a specialist accountancy firm, who can not only set up a Pension Scheme for you, but continue to manage the Auto Enrolment process, ensuring you are compliant– leaving you free to focus on other matters.

We also offer a price match service: if you can find the same service cheaper elsewhere, we’ll match it.

We’ve created a guide to help you understand Auto Enrolment further.  We hope you’ll find the information useful.  If you have any further questions, please get in touch with our Auto Enrolment team on 01942 816 512 Ex 1303 or email ae@ekwgroup.co.uk

 

EKW Group

Author EKW Group

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