Pensions – auto-enrolment
By February 2018 all employers will be covered by the auto-enrolment scheme which is governed by the Pensions Regulator. The auto-enrolment scheme which has been being phased in since 2012 requires employers to enrol all eligible workers in to a qualifying pension scheme. The employer is also liable for minimum contributions to scheme for its workers.
Why take note?
This is a legal obligation and as the Pensions Regulator pursues its first prosecution of a company found to be in breach, we can only expect more naming and shaming in the coming months. The Pensions Regulator has powers to issue fines, issue compliance notices and to carry out inspections.
If you are yet to engage with the requirements, please contact your advisor who can assist in getting you back on track