Pensions are being reformed, and given that it’s your responsibility to ensure your business is ready for the changes you had best be well prepared. Automatic enrolment is not an option but a process each employer must follow and there are fines for those who delay. Phil Thompson, head of BPIF Business, reports.
Your automatic enroling staging date is based on the number of persons in your PAYE scheme on 1 April 2012. The staging dates for companies with over 250 employees has already started. The next section, for companies with between 50 and 249 employees, will be between 1 April this year and next. 1 April 2015 - 1 April 2017 will see the automatic enrolment of those with fewer than 50 workers. New employees will need to start on the 1 May 2017 and this will be ongoing.