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

Morecambe shortlisted in National Visa Awards celebrating the UK’s thriving towns David Waddington and John O'Neill

Morecambe shortlisted in National Visa Awards celebrating the UK’s thriving towns

04 Jul 2025

2

County council sets out 'areas of focus for 2025-26 in document Coun Stephen Atkinson

County council sets out 'areas of focus for 2025-26 in document

04 Jul 2025

3

Warden Construction completes project to help Preston school double pupil numbers Warden Construction completes project to help Preston school double pupil numbers

Warden Construction completes project to help Preston school double pupil numbers

04 Jul 2025

4

Grant Thornton advises RJ Power Networks on sale to Ipsum Jamie Roberts

Grant Thornton advises RJ Power Networks on sale to Ipsum

04 Jul 2025

5

College principal resigns Karen Buchanan

College principal resigns

04 Jul 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
LBV123 July/August Launch Event
Lancashire Business View magazine launch
Networking
16 Jul 2025

LBV123 July/August Launch Event

Burnley

08:30 - 10:30

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

Tri-Site Survey Equipment Showcase
unnamed (2).jpg.jpg
LBV Hub Seminars
09 Jul 2025 - 09 Jul 2025

Tri-Site Survey Equipment Showcase

Crow Wood Hotel, Burnley, BB12 0RT

09:30 - 16:00

Blackburn Cathedral hosts Champagne and Diamonds Event with Ainsworth Jewellers
Champagne-Jewellery 10 07 25_page-0001.jpg.jpg
LBV Hub Awards
10 Jul 2025 - 10 Jul 2025

Blackburn Cathedral hosts Champagne and Diamonds Event with Ainsworth Jewellers

Blackburn Cathedral, Blackburn, BB1 5AA

18:00 - 20:30

Choose Chorley for Business - Talent Reimagined Business Breakfast
talentreimaginedbb.png.png
LBV Hub Seminars
10 Jul 2025 - 10 Jul 2025

Choose Chorley for Business - Talent Reimagined Business Breakfast

Strawberry Fields Digital Hub, Chorley, PR71PS

08:00 - 10:30

Shaping Preston's future by remembering its past
1750160034867.png.png
LBV Hub Networking
16 Jul 2025 - 16 Jul 2025

Shaping Preston's future by remembering its past

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 20:30

Chamber Summer BBQ
LBV Hub Social
17 Jul 2025 - 17 Jul 2025

Chamber Summer BBQ

The Borough, Dalton Square, Lancaster, LA1 1PP

17:30 - 20:00

Preston Tech Connection: Web3 is Dead. Or is It?
July Longer Banner.jpg.jpg
LBV Hub Networking
29 Jul 2025 - 29 Jul 2025

Preston Tech Connection: Web3 is Dead. Or is It?

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:30

Preston Freelancer Meet-Up: July
Longer July Banner.jpg.jpg
LBV Hub Networking
31 Jul 2025 - 31 Jul 2025

Preston Freelancer Meet-Up: July

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

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