Be prepared for the workplace pension changes
Having a strategy in place for dealing with clients who are affected by auto enrolment should be a priority for accounting practices providing bureau services.
The latest release from The Pensions Regulator indicates that from 2015 to 2016 around 100,000 employers will need to make the necessary arrangements for staging and most of them will need some assistance.
Managed properly, in a proactive manner, it can be an opportunity for firms to provide additional services to their clients.
Look out for a letter from The Pensions Regulator
The Pensions Regulator will be writing to all small and micro employers over the coming months to ensure they know when their new workplace pensions duties start. The letter will provide key information such as the date the law applies to them and the process through which they can provide a nominated contact to the regulator to receive regular, useful and relevant information in the run up to the date at which they need to comply with their duties. Have you already checked the dates that the law will apply to your clients? You can find out more about staging dates on The Pensions Regulator Website.
86% of small and 75% of micro employers believe that automatic enrolment is a 'good idea' for their workers.
Recent research carried out by The Pensions 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'. Do you know the services that you will offer your clients to help them meet their duties? You can find out more about planning on The Pensions Regulator Website.
Over 5 million workers have now been automatically enrolled into a pension scheme
While it's automatic for workers, it's not automatic for employers who will need to plan and prepare for the steps they need to take in order to comply with the law and avoid a financial penalty. Do you have all the information you need to help your clients? Find out how The Pensions Regulator can help.