The Pensions Regulator is the regulator of work-based pension schemes in the UK (RT @TPRgovuk: preparing for #autoenrolment, after communicating with your workers the next step is to auto enrol eligible jobholders http://t.co/wTBNEEOm)...
Auto-enrolling eligible jobholders is only part of the challenge. You also need to enable your ‘non-eligible jobholders’ to opt in to the scheme and facilitate joining for any ‘entitled workers’ who wish to participate in a workplace pension arrangement. For anyone who is automatically enrolled and chooses to opt out, you must keep accurate records and re-enrol them every three years.
A pension expert has warned that employers are underestimating the complexity and onerous rules of the new compulsory pensions auto-enrolment regime, which could see some companies face significant fines, as much as £10,000 per day.
A reminder to those who still haven't started planning their auto-enrolment strategy yet.
Since 1 October 2012 new duties have been imposed on employers through auto enrolment and these duties are compulsory.
If not, have you reviewed all of the auto-enrolment software options available to you?You may think your auto-enrolment requirements are simple, but wait until you start getting into the detail. Will your payroll or pension provider really handle all of the complexities? Come and see our Auto-Enrolment Portal in action before you put the final lid on your decision.
Come and see for yourself at our next event hosted in Central London on:28th February 2013
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