NOW: Pensions data shows that over a fifth of SMEs have missed their auto-enrolment staging date in Q2 2016, despite the fact that the fines for non-compliance are steep.
If a company does not begin auto-enrolment when required, they will receive a 28 day warning notice. If they remain non-compliant, a £400 fixed penalty notice is issued, along with fines of up to £50 a day for employers with between one and four employees and £500 a day for those with 5 to 49 employees.
Although the Government has tried to publicise the auto-enrolment of pension schemes, it is surprising how few people are aware of what it means exactly. Here we ask and answer some of the key questions relating to auto-enrolment.
We are urging clients to make sure that they speak to a pensions adviser as soon as possible. We have specialist advisers who are able to assist. Please contact Matthew Burge or your usual Beavis Morgan Partner.