| TPR(The Pensions Regulator) says: "Our research has revealed that at least 78% of small businesses will be relying on their advisers for support to ensure they comply with changes to workplace pensions law. And with tens of thousands of small and micro employers needing to be ready by the summer of 2015 (see chart on right), you can expect to be approached by your clients very soon." We are here to help you. Please telephone Bernard Macken on 0113 202 9520, or e-mail him on bfm@pipllp.co.uk Please visit our website www.pipllp.co.uk. |
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Friday, 21 November 2014
How many companies will need help with automatic enrolment?
ACS (Association of Convenience Stores) warning on Auto- Enrolment pensions for smaller retailers:
The Auto-Enrolment pension scheme legislation could prove “a
significant operational and financial burden on small retailers,” the
ACS has warned.
Under the scheme, which started being rolled out by the government in 2012, all staff must be enrolled in a pension when starting employment unless. Many convenience stores will have to start enrolling their staff from June 2015.
Employers will be required to pay 1% of an employee’s annual earnings into the pension scheme. This rises to 3% by 2018.
“Retailers are facing increased costs in many areas of their business, including above-inflation increases in the minimum wage and changes to statutory sick pay regulations,” said ACS CEO James Lowman.
“Auto enrolment has the potential to be a significant operational and financial burden on small retailers, and we are keen to work with the Department of Work and Pensions to minimise the costs of implementation while ensuring that all retailers are aware of what is required.”
In its submission to the Work and Pensions Select Committee, the ACS said nearly half of micro employers did not know the exact date when they needed to comply, leaving them at risk of financial penalties because of non-compliance, and disproportionately affecting the smallest businesses in the convenience sector.
It also said the high administrative cost of dealing with very small pension contributors meant pension providers were more likely to reject smaller employers.
For the original article, go to: http://www.thegrocer.co.uk/people/people-news/acs-warning-on-auto-enrolment-pensions-for-smaller-retailers/373249.article
The clear message is Don’t get caught out. Act sooner rather than later.
We can help you fulfill your Auto-Enrolment legal duties. Please phone Bernard Macken on 0113 202 9529, or e-mail bfm@pipllp.co.uk Please also visit our website www.pipllp.co.uk
Under the scheme, which started being rolled out by the government in 2012, all staff must be enrolled in a pension when starting employment unless. Many convenience stores will have to start enrolling their staff from June 2015.
Employers will be required to pay 1% of an employee’s annual earnings into the pension scheme. This rises to 3% by 2018.
“Retailers are facing increased costs in many areas of their business, including above-inflation increases in the minimum wage and changes to statutory sick pay regulations,” said ACS CEO James Lowman.
“Auto enrolment has the potential to be a significant operational and financial burden on small retailers, and we are keen to work with the Department of Work and Pensions to minimise the costs of implementation while ensuring that all retailers are aware of what is required.”
In its submission to the Work and Pensions Select Committee, the ACS said nearly half of micro employers did not know the exact date when they needed to comply, leaving them at risk of financial penalties because of non-compliance, and disproportionately affecting the smallest businesses in the convenience sector.
It also said the high administrative cost of dealing with very small pension contributors meant pension providers were more likely to reject smaller employers.
For the original article, go to: http://www.thegrocer.co.uk/people/people-news/acs-warning-on-auto-enrolment-pensions-for-smaller-retailers/373249.article
The clear message is Don’t get caught out. Act sooner rather than later.
We can help you fulfill your Auto-Enrolment legal duties. Please phone Bernard Macken on 0113 202 9529, or e-mail bfm@pipllp.co.uk Please also visit our website www.pipllp.co.uk
From The Pensions Regulator (TPR), 30th October 2014: “Enforcement Activities Increase"
Our latest figures on Automatic-Enrolment compliance and enforcement
show an increase in the number of times we have exercised our powers
against employers. This includes the first use of fines relating to Automatic-Enrolment.
The quarterly report includes details on particular areas of non-compliance and highlights common misunderstandings by employers about their duties.
As the number of employers staging rises significantly, we expect to see an increase in how often we need to use our statutory powers. This is based on our research among medium, small and micro employers, which shows that these employers are more likely to leave Automatic-Enrolment preparations until closer to their staging date. We believe that this is likely to lead to more employers being non-compliant with their duties.
Advertising targets small and micro businesses:
As Automatic-Enrolment celebrated its second birthday, we launched a major nationwide media campaign aimed at raising awareness among smaller employers and their advisers. Look out for our advertisements in the press, online and on radio.”
Don’t get caught out. We can help you fulfil your Auto-Enrolment legal duties. Please phone Bernard Macken on 0113 202 9529, or e-mail bfm@pipllp.co.uk . Please also visit our website www.pipllp.co.uk #BeyondBetter
The quarterly report includes details on particular areas of non-compliance and highlights common misunderstandings by employers about their duties.
As the number of employers staging rises significantly, we expect to see an increase in how often we need to use our statutory powers. This is based on our research among medium, small and micro employers, which shows that these employers are more likely to leave Automatic-Enrolment preparations until closer to their staging date. We believe that this is likely to lead to more employers being non-compliant with their duties.
Advertising targets small and micro businesses:
As Automatic-Enrolment celebrated its second birthday, we launched a major nationwide media campaign aimed at raising awareness among smaller employers and their advisers. Look out for our advertisements in the press, online and on radio.”
Don’t get caught out. We can help you fulfil your Auto-Enrolment legal duties. Please phone Bernard Macken on 0113 202 9529, or e-mail bfm@pipllp.co.uk . Please also visit our website www.pipllp.co.uk #BeyondBetter
First Auto-Enrolment Fines Handed Out
The Pensions Regulator’s (TPR’s) latest
quarterly update on its investigations into Auto-Enrolment confirms that
it has served three firms with £400 fixed penalties for failing to
comply with an unpaid contributions notice or a compliance notice.
It can only get worse because, whilst more than 33,000 large and medium sized employers have already begun auto-enrolling staff, there are a further 1.25 million due to hit their staging dates over the next three years. There is a huge capacity crunch looming, as there will be an insufficient number of advisory firms available to help these employers comply with their legal duties. The message has to be, act early before the tsunami hits.
TPR executive director for Automatic-Enrolment Charles Counsell says:
“As we deal with smaller employers, we will see more who, despite our message to prepare early, leave it too late or do not comply at all. This type of non-compliance is not acceptable. We expect to see the number of times we need to use our powers increase.
The regulator has a range of powers to tackle non-compliance including serving fixed penalty notices and escalating daily penalties notices.”
We can help. Please phone Bernard Macken on 0113 202 9529 or e-mail bfm@pipllp.co.uk. Please visit our website www.pipllp.co.uk
It can only get worse because, whilst more than 33,000 large and medium sized employers have already begun auto-enrolling staff, there are a further 1.25 million due to hit their staging dates over the next three years. There is a huge capacity crunch looming, as there will be an insufficient number of advisory firms available to help these employers comply with their legal duties. The message has to be, act early before the tsunami hits.
TPR executive director for Automatic-Enrolment Charles Counsell says:
“As we deal with smaller employers, we will see more who, despite our message to prepare early, leave it too late or do not comply at all. This type of non-compliance is not acceptable. We expect to see the number of times we need to use our powers increase.
The regulator has a range of powers to tackle non-compliance including serving fixed penalty notices and escalating daily penalties notices.”
We can help. Please phone Bernard Macken on 0113 202 9529 or e-mail bfm@pipllp.co.uk. Please visit our website www.pipllp.co.uk
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