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Is your small
business ready for

auto enrolment?  G

What is ‘automatic
enrolment’?  6

Following pension

law changes in...
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Is Your Small Business Ready For Auto Enrolment?

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This infographic shows you exactly what you need to know about auto enrolment for your business

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Is Your Small Business Ready For Auto Enrolment?

  1. 1. Is your small business ready for auto enrolment? G What is ‘automatic enrolment’? 6 Following pension law changes in 2012 all employers were to have a statutory duty to automatically enrol eligible staff into a workplace pension and contribute towards it. I Why did the What is The changes Pensions happen? Regulator? ACC°Tdin9' I0 The The UK’s regulator of Pensions Regulator: “To work_based pension address undemsavmg’ schemes. As such it is with millions not putting . . aside enough for responslble for ensmtmg retirement, and only one employers c°mplV “nth in three private sector their automatic workers paying into a enrolment duties. workplace pension. ” What are ‘staging dates’? Automatic enrolment is being introduced in stages. It began with large companies in 2012 and then medium-sized businesses, but many small businesses will soon have to comply. This is the staging date for companies with 30-49 employees. Staging dates for smaller employers will follow until all are registered (find your staging date by visiting wvvw. thepensionsregulator. gov. uk) . The staging date for those who became employers after April 2012 begins on 1 May 2017 and ends on 1 February 2018. e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e ee UK employers have already automatically enrolled more than Sm staff into a workplace pension scheme. Source: The Pensions Regulator Number of UK employers who will need to enrol staff into a workplace Number of UK employees Pension Scheme- Wm Source: The Pensions Regulator enrolled into a workplace pension scheme. 1 3 m Source: The Pensions Regulator I Checklist: key steps for employers Before staging date 1. Identify who needs to be enrolled 2. Choose your software and check records 3 . Pick a pension scheme When staging date arrives 4. Automatically enrol staff 5. Inform staff 6. Complete your declaration of compliance (five months after staging date) Ongoing responsibilities 7. Maintain records 8 . Fulfil ongoing responsibilities Taken from The Pensions Regulator‘s Essential guide to automatic enrolment. How much will it cost? ' According to The Pensions Regulator: “You will need to contribute to the pensions of any staff who are eligible. In addition, there’ll be costs associated with setting up and running the pension scheme. ” What if you don’t comply? According to The Pensions Regulator: “We may take enforcement action and issue a notice and] or a penalty. ” come the end of 2014 Source: The Pensions Regulator Number of employers fined for failing to comply with their workplace pensions duties | More information)) visit: vvvvw. thepensionsregulator. gov. uk Brought to you by the Knowledge Centre (www. knowledge. hsbc. co. uk/ ) — HSBC‘s online magazine and information centre for small businesses with ambitions to grow.

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