Lots of small businesses are now reaching or have even surpassed their staging dates for automatic enrolment into a pension scheme.
I had a call recently from someone who had inherited a small company and whilst trying to sort out the business discovered that letters from the Pensions Regulator had been ignored. Worse than that, not only was there an accrued fine to that point for non-compliance, the penalty was going to escalate from that point at a rate of £500 per day……………PER DAY!!!!
Understandably the new business owner was slightly panicked. So the first thing I said was do not panic!! Leave it with me and I will deal with the compliance issue and then we can take things from there.
It transpired that the reason the letters from the Pensions Regulator were ignored was that no-one in the company was ever going to be eligible for auto-enrolment. Therefore, it had been assumed by their office administrator that nothing had to be done.
There was nothing I could do about the fine that had accrued to the point of the phone call, however, taking over everything else from that point meant the new owner and the employees could get on with running the business without worrying about dealing with pension auto-enrolment.
Are you in a similar situation?
Give me a call on 07976 239284 and we can take action for you.