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Auto Enrolment - Employers Pension Schemes

Is your company pension scheme in order? Act now to avoid large fines.

According to the Office for National Statistics less than 20% of UK employers currently have a contributory pension schemes. If that is you then you are not alone.

Workplace pensions law has changed. Every employer has new legal duties to help their workers in the UK save for retirement. They must automatically enroll certain workers into a qualifying workplace pension scheme and make contributions towards it. If you have not received 'the letter' from the regulator yet - it won't be long - most employers will have received their 'Staging Letter' information by the end of 2013 with staging having to have taken place by 2014.

ThePensionAdviser offers a free consultation on your obligations as an Employer and with some simple information we can provide you with a report on just how your business will be affected.

The process that an employer will have to go through will depend on how big your company is and how your payroll is set up.

For those employers with 'off the shelf' payroll systems, gathering the relevant information should be fairly straight forward. For smaller companies, changes to your paroll systems may be needed and although a cost now will save money and time in the long run.

Auto Enrolment is being rolled out in phases and Staging Letters are being issued now. There will be a phasing with contributions which will start at 1% of the employees earning and increase to 3% between now and 2018.

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