Pensions and Auto Enrolment
Work Place Pensions – one of the biggest challenges for businesses
The days of choosing whether you provide your employees with a work based pension are now gone and under the new legislation, every employer in the UK will be required to provide a pension plan, and contribute to it, by April 2017.
It is not just the cost or providing the pension contributions, however, it is also the significant administration burden associated with setting up, administering and ongoing communications with employees that is putting a significant strain on businesses.
And if you don’t comply with the new requirements you could face a fine up to £5000 a day (more if you employ 500 plus employees)
As an employer, the need to take professional advice in relation to your pension obligations has never been greater. Even if you have an existing company pension scheme in place, there will still be additional duties and responsibilities you need to comply with.
Contact us today to see how AKR Accounting can help you deal with this challenging and complex business imperative.