But are you?
The government’s Workplace Pensions ad “We’re all in” heralded the issue of auto enrolment for many people when it first aired in September 2013.
Some commentators highlighted that the advert was effective in communicating that the scheme was coming but that it didn’t provide a “call to action”, at least not for potential savers. The reason was clear according to some, auto enrolment is an opt-out process so it wasn’t in the government’s interest to get people checking any fine print.
As an employer however inaction is far from the correct behaviour.
Auto enrolment is a statutory process and failure to set-up a scheme even if you are the only employee could lead to stiff penalties. There are other issues to remember as well.
The best private schemes are already imposing entry restrictions which may reduce your choice or restrict you to use the state-run NEST scheme – will that make your company less attractive to new recruits? If you leave joining a scheme until the last moment then you may have a problem setting up the necessary admin systems to manage it.
If any of this is making you feel uncomfortable, relax. Lewis Smith & Co. can help. We are providing an auto enrolment service to help you get everything set up and then run the scheme with the minimum of hassle.
Our partners will hell help with the investment and legal issues and we can sort out the impact on payroll and some of the HR.
Call 01384 235549 or email firstname.lastname@example.org to arrange a no obligation discussion today.
Lewis Smith & Co. – Accountants for Sandwell businesses