Are you aware of new laws that require all UK employers from all sectors, including those in construction to automatically enrol all their eligible employees into a workplace pension scheme? This is called “auto enrolment”, and failure to comply could result in hefty fines and possibly even imprisonment. Smart Pension is the UK’s fastest one-stop solution for auto enrolment, allowing companies to get compliant in minutes with no set up or ongoing fees. Below we explain why auto enrolment was introduced, and how our fast, secure and free platform can get you compliant in one quick sitting.
Auto enrolment is the government’s solution to the “pensions time bomb” that’s been making headlines for years, due to ageing populations and under saving by UK workers. The last Labour government introduced the Pensions Act in 2008, requiring employers to put all eligible employees into a workplace pension scheme by a certain deadline. This deadline, which is called a staging date, differs for each employer, depending on the size of the company. Companies with more employees will have an earlier staging date than those with fewer. The first, largest companies began auto enrolling in 2012, and now the process has reached employers with fewer than 50 employees.
Initially employers must to contribute 1.0% of the employee’s salary, the employee will contribute 0.8%, and the Government will add 0.2% through tax relief. So in total 2.0% of the employee’s annual salary will be contributed to a pension scheme. By late 2018 the employer’s contribution will be 3.0%, the employee’s 4.0%, and the government’s 1.0%, meaning a total of 8.0% of the employee’s salary being paid into a pension scheme. Whilst it’s automatic for employers, employees can opt out (but companies cannot force employees to do so).
To enforce compliance, The Pensions Regulator can issue hefty fines for non-compliance including fixed fines of £400 and daily escalating penalties whose level depends on the number of employees (eg if your company has 5 – 49 employees, The Pensions Regulator can fine your company £500 per day for every day that you are late meeting your deadline (staging date). You can learn more about penalties here.
That’s why it’s important that you’re compliant by your staging date. Typically the sign up process isn’t straightforward, and when you are signed up, high staff turnover and a lot of casual workers in the construction industry can make the ongoing assessment of staff and calculation of pension contributions a logistical and administrative nightmare, costing you time and money. But it doesn’t have to be like that…
We created our unique platform and tools to fix these problems. Smart Pension is the fastest, most secure auto enrolment platform in the UK, available at zero cost to your business. Built by our expert team with years of experience, we made sure it’s simple and easy to use, saving you time and money. You could be compliant in less than 1 hour, and you could save thousands by using our free platform vs other paid for platforms. We can give you the peace of mind to get on with running your business, knowing that everything is in hand, you are complying with your legal duties and your employees are being well looked after with an outstanding and secure underlying pension. Visit our website at AutoEnrolment.co.uk to get compliant today, or to speak to our expert team to see how we can help you.
“Smart Pension is a fantastic company which helps small businesses with their employee pensions. The Smart Pension team has done a brilliant job in building a successful platform which makes other businesses’ lives easier.”
Matthew Hancock, Minister of State for Business, Energy and Enterprise, 2015
“Small businesses need an auto enrolment solution that is fast, nimble and reliable. Smart Pension enters the market with that solution and a track record of success. For small businesses complying with the new laws, you make a smart choice with Smart Pension.”
Emma Jones, Founder, Enterprise Nation
The post New Legislation For Workplace Pensions Is Here. Are You ready? appeared first on UK Construction Online.
Walang komento:
Mag-post ng isang Komento