More than 200,000 UK employers have now completed their auto-enrolment duties, according to figures from The Pensions Regulator (TPR).
In a recent Declaration of Compliance report, the TPR said that approximately 6.5 million workers across the UK have now been automatically enrolled on a workplace pension scheme – more than 960,000 of whom work for ‘small and micro employers’.
Under revisions to rules for workplace pensions introduced earlier this year, auto-enrolment has been made a compulsory requirement for all employers – who will need to ensure that they are fully compliant before their staging dates.
Staging dates vary between businesses – and can be determined using each individual business’ PAYE reference number.
The Government expects all businesses nationwide to have automatically enrolled all of their employees who earn £10,000 a year or more onto a company pension scheme by this date.
Any businesses that fail to comply face a £400 fixed penalty notice for non-compliance, should they fail to automatically enrol their employees onto a pension scheme by their official staging date.
The latest filing dates fall into 2018 – but yours could be much sooner. Are you prepared? If you need advice, it is important to act now by contacting the team at Milsted Langdon for support on auto-enrolment.