If you’re
a business owner or employer, you will hopefully by now be well aware of
Workplace Pensions. If not then it’s important you find out more information as
soon as you can as you could be staring in the face of an immediate £400 fine
if your business isn’t compliant in time!
Here’s a
quick summary for you.....
As an
employer/practice owner you have a legal obligation to provide, manage and
contribute to a pension scheme for all eligible staff working within your dental
practice.
Workplace
Pensions are already well under way for a number of businesses in the UK and
with thousands more reaching their staging date imminently, it’s important that
you act now and start preparing – there’s a lot that can be put in place
earlier. As part of your duty as an employer, taking some initial steps now
will certainly help you along the way.
·
‘Staging
Date’ - Make sure you know when yours is.
This is the date on which your workplace pension scheme has to be up and
running for your business. Check your date
on our website.
·
Determine
which employees in your practice are eligible to join your scheme.
·
Communicate
with your staff and start to tell everyone as much as you can early on.
·
Make
sure your systems/processes are in place.
·
Get
the right advice and explore your options. Many clients assume NEST is the
obvious choice but be aware there is a 1.8% levy on all pension contributions
and you will need to set up an in-house system to ensure you remain compliant
and communicate with you team any important updates.
·
Benefit
from cost savings by putting plans in place early.
If you
want to find out more, a FREE
Workplace Pensions FAQs report is available on our website.
It is a
legal obligation for a Workplace Pension to be set up and the Pensions
Regulator is quick to issue £400 wake-up call fines for all though businesses
that are non-compliant. And that’s
before big daily fines of £500 or more!
It’s therefore essential that you get good advice. We’ve
already spoken to many practice owners who have ended up short of time to enrol
in a workplace pension scheme due to either attempting to do it themselves or assuming
that their accountant or payroll provider was dealing with it.
Don't get caught out - ACT NOW!
To speak to a member of the Frank Taylor & Associates team about Workplace Pensions, please call 0330 088 11 56.
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