Auto Enrolment and the Pensions reform represents the most radical change to the UK pensions system in our lifetime. Affecting every employer and employee in the UK, it requires both the employee & employer to contribute into a pension with it’s aim to help people save for their retirement.
If you are an Employer this is a huge responsibility and preparation is key to meeting your new duties, so you need to plan and know:
- Who will be responsible for automatic enrolment within your organisation.
- Your legal requirements and any timeframes you need to act within.
- There’s also a new legal requirement on you to keep certain records. These records allow you to prove you have complied with your duties, and can be requested by the regulator.
If you don’t comply with your duties, tPR has the power to issue notices and impose fixed and escalating penalties.
This video aims to help you understand what you need to do and if you would like any more information please contact us to arrange a meeting to discuss how we can help advise you.