Contact Us

A number of UK small businesses are being warned to register for auto enrolment pension schemes as soon as possible to avoid the threat of enforcement action, according to pensions regulator, Legal & General.
 
The regulator requires employers with between 90 and 159 members of staff to begin their staging process in May, with 12,000 firms still yet to register at present.
 
Jim Islam, executive managing director corporate, of Legal & General Assurance Society, said: “Many businesses we are speaking to have not yet registered a pension provider for auto enrolment despite being only a few weeks away from their staging date.
 
“Last month the Department for Work and Pensions made it clear that it expects small businesses to implement value for money, well-governed DC schemes to help employees save for their retirement.
 
“It is the responsibility of the employer to have a qualifying scheme in place by their staging date or risk hefty fines.”
 
Employers concerned about missing the deadline for auto enrolment should check two key things:

  • Ensure they have an auto enrolment qualifying scheme, which confirms that employer and employee contribution levels meet the standards set for auto enrolment – very important for companies wishing to use existing pension schemes.

  • Check their pension provider is able to meet the new regulations for auto enrolment pensions – such as the pensions charge cap of 0.75 per cent which will come into law by April 2015.

“For businesses staging this year, if their current pension provider ticks these boxes they should register for auto enrolment without delay,” added Islam.
 
“If not they should switch to a pension provider who is geared up to implement these new standards to avoid any last-minute surprises.”

Date published 2 May 2014 | Last updated 2 May 2014

Choose the right accounting firm for you

Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?

Local business focus icon

Local business focus

We specialise in supporting independent businesses and work with 100,000 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.

Come and meet us icon

Come and meet us

We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.

Switching is simple icon

Switching is simple

Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.

See how TaxAssist Accountants can help you with a free consultation

020 3941 2011

Or contact us