Introduction


The law on workplace pensions has changed – all UK businesses, who employ at least one member of staff, must now put a workplace pension scheme in place – and contribute towards it.


The auto-enrolment process is highly complex. Firms will need to implement a scheme by a particular date, called their “staging date” which is determined by their payroll size in 2012. To do this, you need to assess which employees will need to be enrolled in the scheme and this is based on employees’ ages, wages and opt in or opt out choices.

Not sure where you might fit? The Pensions Regulator has created this useful calculator to find your staging date.

So – what do you need to do?

Once you know your staging date, you will need to start planning – and there is a lot to do!

If you are an Employer, you should ensure you understand the basic information on these changes, your staging date and which Employees will be affected. A review of existing arrangements should also be undertaken sooner rather than later. A review is also important as The Pensions Regulator, who will oversee the implementation process, does carry the power to levy fines of up to £400 or a fixed amount then daily fines of up to £10,000 on employers who do not take action.

If you are an Employee we can also undertake a full and tailored review as to where you sit currently within the proposed workplace pension’s reform regulations.

Steggles & Co Ltd, Financial Advisers, Arterial Road, Eastwood, Leigh-on-Sea, Essex SS9 4XX.
Tel: +44 (0)1702 511144. Email: info@stegglesandco.com
Authorised and Regulated by the Financial Conduct Authority. Registered in England and Wales Company No. 05199281.
Registered Office: ESW, 162-164 High Street, Rayleigh, Essex, SS6 7BF.
Registered with the DPA (Data Protection Act 1998) Registrar of Data Controllers Number Z873516X. Authorised and Regulated by the FCA.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based within the UK, or UK ex-patriates.

Steggles & Co Ltd is Authorised and Regulated by the Financial Conduct Authority. Financial Services Register Number 403458.
Registered in England & Wales, Company Number 05199281. Registered Office address: BMW House, Arterial Road, Eastwood, Leigh-on-Sea, Essex, SS9 4XX. Trading address: Same as registered. Telephone: 01702 511144
The guidance and or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted to customers in the UK.
© 2017 Steggles & Co Ltd | Regulatory Information | Login | Cookie Policy