New Year's Resolution: Auto Enrolment

By Mattioli Woods

20 Jan 2014

With many New Year resolutions revolving around alcohol, cigarettes and fitness levels (and hopefully not all three!), at Taylor Patterson we would recommend that employers have their own list for New Year resolutions and top of it should be: be ready for auto enrolment!

There are a number of areas that employers need to be aware of to ensure they are prepared for Auto Enrolment and have the opportunity to benefit from professional advice and selection of the most appropriate provider.

Be aware of the date you need to comply with the new regulations

All employers have been allocated a Staging Date. This is the date when an employer needs to comply with the new legislation. Find out the date, as it is recommended that planning for Auto Enrolment begins at least 6 months before the Staging Date.

Don’t be caught out

There are a large number of employers who need to ensure they have chosen a pension provider and are prepared for Auto Enrolment. In excess of 35,000 employers with a range of between 50 and 249 employees reach their staging dates between April 2014 and April 2015.

Auto Enrolment capacity crunch

The Pensions Regulator has reported that over the first 15 months of the reforms coming into force 3,670 companies have auto enrolled, with in excess of 2 million employees.

With the numbers of employers staging in 2014 and beyond the provider industry is warning of a looming capacity crunch, which will see providers close their doors to employers wanting to use them for Auto Enrolment. Already insurers are being selective in which employers they will accept. To ensure they can administer schemes profitably many insurers require a minimum average contribution per member before they will agree to provide a qualifying scheme.

Auto Enrolment advisers

In addition to the capacity crunch for insurers the same issues are likely to apply to advisers. With the numbers of employers looking for advice on how best to control the costs of complying with the new regulations, Auto Enrolment advisers will be stretched and medium sized or smaller firms may have difficulty sourcing advice as their staging dates approach.

What happens if you are not ready in time?

The Pensions Regulator is responsible for ensuring all employers comply with the new rules. If after an employers staging date they are found to be in breach of the auto enrolment requirements, penalties will be imposed. These penalties are based on the number of employees and are charged on a daily basis.

•250-499 employees £5,000 per day •50-249 employees £2,500 per day •5-49 employees £ 500 per day •1-4 employees £ 50 per day

How can Taylor Patterson Financial Planning Ltd help?

With over thirty years experience of advising on and managing workplace pension schemes on behalf of employers, our dedicated Employee Benefits team is ideally placed to advise, establish and manage your workplace pension requirements. Please call us today for a no-obligation chat. Contact Paul Jackson on 01772 550764 or via email at [email protected] - See more at: http://www.taypat.co.uk/new-years-resolutions-auto-enrolment/#sthash.ls7ia0ov.dpuf

Latest news

1

Construction begins on new Civil Service office building in Talbot Gateway Alan McBride Muse Will Town Defence Infrastructure Organisation Jennifer Chard Defence Business Services Cllr Lynn Williams Blackpool Council Garry Bowker Vinci

Construction begins on new Civil Service office building in Talbot Gateway

20 May 2025

2

Skiddle raises over £750,000 for charities Skiddle cheque presentation to Alder Hey Hospital

Skiddle raises over £750,000 for charities

20 May 2025

3

Former Victorian Hotel approved for residential conversion The site

Former Victorian Hotel approved for residential conversion

19 May 2025

4

REVOLUTION PARK: Work starts on Darwen’s new home of advanced manufacturing Oliver Webber, Tracy Clavell-Bate and Tim Webber from Barnfield Group with Cllr Phil Riley, second from right, Leader of Blackburn with Darwen Council

REVOLUTION PARK: Work starts on Darwen’s new home of advanced manufacturing

19 May 2025

5

Two Cuckoo Gins named winners in The Gin Guide Awards 2025 Mark Long

Two Cuckoo Gins named winners in The Gin Guide Awards 2025

19 May 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV122 May/June Launch Event
121 Lancashire Business View Magazine Launch
Networking
21 May 2025

LBV122 May/June Launch Event

Lancaster and Morecambe College, Lancaster, LA1 2TY

08:30 - 10:30

Sub36 Networking
Networking
11 Jun 2025

Sub36 Networking

British Jewellery School, Scorton, PR3 1BA

15:00 - 17:00

Lancashire Net Zero Carbon Conference
Net Zero Carbon Social 1200pxtrident 2
Networking
18 Jun 2025

Lancashire Net Zero Carbon Conference

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

08:30 - 13:00

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
02 Apr 2025 - 08 Oct 2025

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 15:30

Amber River True Bearing quarterly investment seminar
LBV Hub Seminars
22 May 2025 - 22 May 2025

Amber River True Bearing quarterly investment seminar

Cottons Hotel & Spa , Knutsford, WA16 0SU

16:00 - 18:00

The Business Network Central & East Lancashire
LBV Hub Networking
22 May 2025 - 22 May 2025

The Business Network Central & East Lancashire

Mytton Fold, Langho, BB6 8AB

11:30 - 14:15

Preston Freelancer Meet-Up: May
Freelancer Meet-Up May.png.png
LBV Hub Networking
22 May 2025 - 22 May 2025

Preston Freelancer Meet-Up: May

society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Liverpool Business Expo 2025
https---cdn.evbuc.com-images-881365363-4862066883-1-original.20241023-085714.jpeg.jpg
LBV Hub Awards
23 May 2025 - 23 May 2025

Liverpool Business Expo 2025

Aintree Racecourse , Liverpool , L9 5AS

09:00 - 15:00

Advantage: AI – A Workshop for Business Leaders – May 29
Artboard 15.png.png
LBV Hub Seminars
29 May 2025 - 29 May 2025

Advantage: AI – A Workshop for Business Leaders – May 29

Door4 Office, Burnley Wharf, Manchester Road, Burnley, BB11 1JG

09:00 - 11:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV122 Online Graphic
Subscribe now

Weekly news bulletin