You will by now have seen the adverts on TV of smiling employees and enthusiastic employers just straining at the leash to pay money into the new pension schemes (one day I’ll meet one that isn’t employed by a PR company). However you do need to start thinking about how you will set up your pension schemes fairly quickly. Although employers with less than 30 employees won’t come into the scheme until June 2015 many pension suppliers are suggesting they need about 6 months to a year to set these up.
The penalties for getting this wrong are also pretty frightening with firms being required to pay between £50 and £10,000 a day for non-compliance depending on how many eligible staff they have.
Also a bit of planning could mean that the costs that will inevitably come with this initiative can be reduced so that you don’t have your staff receiving a 2% pay cut or you having a 3% increase in staffing costs. To find out when you will be brought in to this scheme and how you can make the transition as painless as possible call us on 0161 850 1122.