All businesses that employ at least one person in the UK must provide a workplace pension scheme for their employees. They must then enrol their employees into the scheme, though they may opt out if they wish.
Certain staff members must re-enrol into the scheme every three years.
Businesses must also complete and submit a re-declaration of compliance to The Pensions Regulator within five months of the three-year anniversary of the start of their auto-enrolment – also known as the staging date.
Naturally, there are costs associated with running a pension scheme – and fines for non-compliance. These start at £400 and can escalate at a daily rate of £50 up to £10,000, depending on the number of people the business employs.
Running a pension scheme can be complicated. You need to choose the most suitable scheme for your business, understand your commitments to your employees and continue to meet ongoing legal obligations once the scheme is up and running.
All the support to run your pension scheme
As specialised auto-enrolment accountants, we can implement the government-approved scheme for you.
We can provide all the support you need to run your pension scheme smoothly and provide the necessary functionality for your payroll processes. We’ll also keep you fully compliant with all your pension-related legal and reporting requirements.