Workplace pension call to action 2016 – Don’t ignore it!

By Mattioli Woods

04 Feb 2016

As the New Year gets underway and all those Resolutions that have been made and in some cases already broken, the pensions world faces one of its own regulator imposed New Year Resolutions and also perhaps one of its toughest challenges.

To provide support and assistance to literally thousands of employers each and every month throughout 2016.

Professional pension advisers will have to be careful to ensure they have sufficient capacity to deliver a good level of service to all of their clients. For a further insight into the likely outcomes of the so called “capacity crunch” for professional advisers, you can read our “looking forward to 2016” article at http://www.taypat.co.uk/auto-enrolment-looking-foward-to-2016/.

In addition to this, employers are understandably feeling disgruntled at having to take on additional work in establishing a qualifying workplace pension scheme.

With the associated extra costs involved in the establishment and ongoing running costs of the pension scheme, employers feel the government have heaped onto their already substantial workloads of running a business an additional potentially time consuming burden.

But the task of having to put a workplace pension scheme in place at their staging date is one thing that will not just go away.

The question facing employers is what is this going to cost me to implement?

The answer is fairly simple, either engage the services of someone to take on the task of establishing a workplace pension scheme for them or go it alone. In which case, going it alone, the ‘cost’ will be the ‘time cost’ within the business of someone researching and implementing the appropriate solution and ensuring it is compliant and continues to be compliant in the future.

The specialist Auto Enrolment team at Taylor Patterson have already provided workplace pensions support to a broad spectrum of employers. Ranging from those that employ several hundred staff, down to employers with only one staff member with a tailored solution to suit each individual employer.

Most businesses that have staged already have used either their in house HR department or business adviser such as their accountant or pension scheme adviser to ensure this process was handled successfully for all concerned. But as we move forward into 2016 with around 500,000 employers reaching their staging date, smaller employers may feel they do not have the same level of support readily available to them.

If we look at what has happened already;

Is this the calm before the storm?

It seems that auto enrolment has been relatively successful so far: Figures from the Pensions Regulator show that since the start of auto enrolment, over 60,000 employers have put more than 5 million members of staff into a workplace pension. Opt-out rates are lower than expected and a handful of employers had completed their three year re-enrolment process at the end of 2015.

But some employers have struggled and have been subject to compliance action.

Up to the end of September 2015, more than 3,000 of the Pensions Regulator’s powers have been used, including 582 fixed penalty notices of £400 each. The real challenge will come over the next couple of years or so when around 1.8 million employers reach their staging date.

In response to this challenge, we have seen the Pensions Regulator step up its marketing drive to raise awareness with employers by introducing a giant purple creature called ‘Workie’ that has a simple message “Don’t ignore the workplace pension”. #DontIgnoreIt Smaller employers should not feel that they are alone in implementing this legislation. In spite of the increase in demand for professional advisers, help is still at hand for employers and ensuring you prepare early enough is key to success. Taylor Patterson has been heavily involved in auto enrolment since its inception in 2012. Drawing from our experience, we have developed a menu of services in which an employer can choose from to ensure they meet their auto enrolment needs. Through tailoring the level of service to the clients needs, we are well placed to provide support to employers going through the auto enrolment process.

Latest news

1

Leyland Trucks celebrates more than 1,700 years of combined long service Leyland Trucks staff celebrating

Leyland Trucks celebrates more than 1,700 years of combined long service

01 May 2025

2

Chiptech announces major innovation initiative at high-profile reception with the New Zealand Prime Minister in London. The Rt Hon Jonathan Reynolds, the Rt Hon Christopher Luxon and the Rt Hon Steve Reed (L-R Front Row) David Hammond, and Daniel Knowles

Chiptech announces major innovation initiative at high-profile reception with the New Zealand Prime Minister in London.

30 Apr 2025

3

Northstone secures full planning permission for 50 new homes in Edenfield Edenfield housing development

Northstone secures full planning permission for 50 new homes in Edenfield

29 Apr 2025

4

Ring Stones Maintenance and Construction celebrates completion of Dovestone Gardens Dovestone Gardens launch

Ring Stones Maintenance and Construction celebrates completion of Dovestone Gardens

29 Apr 2025

5

PHX Training welcomes new business leader to drive learner success Louise Kirby

PHX Training welcomes new business leader to drive learner success

29 Apr 2025

Pc Prestonmacan Gif980x120 March
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 1200px 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 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

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

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

Planning for the future + navigating Inheritance Tax changes
Planning for the future + navigating Inheritance Tax changes for website.png.png
LBV Hub Seminars
01 May 2025 - 01 May 2025

Planning for the future + navigating Inheritance Tax changes

Stanley House Hotel, Mellor, Blackburn, BB2 7NP, Blackburn, BB2 7NP

08:00 - 10:30

Advantage: AI – A Workshop for Business Leaders – May 2
EV-land-2025-05B.png.png
LBV Hub Seminars
02 May 2025 - 02 May 2025

Advantage: AI – A Workshop for Business Leaders – May 2

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

09:00 - 11:00

A night at the races
1.png.png
LBV Hub Dinners / Balls
02 May 2025 - 02 May 2025

A night at the races

Morecambe FC, Morecambe, LA4 4TB

19:00 - 23:59

Research and Knowledge Exchange Showcase
13421_research_knowledge_exchange_2025_600x300.jpg.jpg
LBV Hub Awards
07 May 2025 - 08 May 2025

Research and Knowledge Exchange Showcase

University of Central Lancashire , Preston, PR1 2HE

09:00 - 17:00

Innovating business solutions through PhD Partnerships
30478 Skills Bootcamp open day setting.jpg.jpg
LBV Hub Networking
07 May 2025 - 07 May 2025

Innovating business solutions through PhD Partnerships

University of Central Lancashire, Preston , PR1 2HE

14:30 - 15:30

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 Lbv121 Online Graphic
Subscribe now

Weekly news bulletin