Pensions Regulator to begin micro auto-enrolment push

All small and micro businesses are to receive letters from The Pensions Regulator in the coming months as part of a new campaign to give them key information on auto-enrolment.

The Regulator will write to more than 1.5m addresses across the UK from the end of January, aiming to ensure that by the summer all employers know their staging date, as its own research has shown that “significant numbers” of small and micro employers are unaware.

The new all-employer mail out is in addition to existing communications on the subject and also asks employers to provide email contact details so the Regulator can provide them with regular reminders and updates.

Charles Counsell, executive director of auto-enrolment, said that from the end of the month letters will be sent out on a gradual basis over a number of months, “so employers should not worry if they don’t receive theirs straight away”.

Research carried out by the Regulator indicates that workplace pensions are becoming the norm, with the majority of small and micro employers indicating that they believe it to be a ‘good idea’.

Mr Counsell added: “Our message for advisers is clear: be prepared for clients to approach you about automatic enrolment. Let your clients know to look out for a letter from The Pensions Regulator in the coming months.”

At the end of October, the Regulator handed out fixed penalties of £400 to three employers for failing to meet their auto-enrolment duties, in the first wave of fines handed out to firms for non-compliance.

TPR also issued 163 compliance notices giving employers a deadline within which to take certain actions, as it clamped down following months of warnings of the dangers awaiting unprepared companies.

Petaurum Solutions’ Comment

As Pensions Auto Enrolments starts to become a reality for many businesses this year the rush will be on to secure resources and the right pension scheme. With many companies applying a premier to those who leave it to late now is the time to act.  Choosing a cost effective, long-term implementation solution will be critical for these businesses to ensure they do not leave it to late and as a result become swamped with the processing requirements and responsibilities that potentially Auto Enrolment can bring.

We have developed a complete SME specific, competitively fixed priced end-to-end solution that will ensure not only you implement PAE correctly but you are set up to manage the day to day requirements effectively using the latest assessment technology. Even if you are not yet staging simply providing a small deposit secures your implementation resource in advance, ensuring you don’t get caught out all of which leaves you free to manage your business safe in the knowledge that your Auto Enrolment obligations are in professional hands.  Want to know more then feel free to download our info pack here, or contact us to secure your PAE future.

This information is intended as a general overview and discussion of the subjects dealt with. The information provided here was accurate as of the day it was posted; however, the law may have changed since that date. This information is not intended to be, and should not be used as, a substitute for taking legal, HR or benefits advice in any specific situation. Petaurum Solutions is not responsible for any actions taken or not taken on the basis of this information. Please refer to the full terms and conditions on our website.

 

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