Pension Regulator Launches AE Countdown Tool
Over 1.3 million small and micro employers are due to stage over the next two years and most of them have no idea what Auto Enrolment is, let alone their duties!
To help get the message out, over the next few months The Pensions Regulator will be sending out letters to over a million UK small businesses to tell them about their new duties to automatically enrol staff into a workplace pension. In these letters they will ask them to nominate a secondary contact to receive emails from us about automatic enrolment.
They have also designed a planner, here, for SMEs to identify what they will need to do to prepare for automatic enrolment.
- Any employer preparing for automatic enrolment should find it helpful, but it’s of particular relevance to you if:
- you employ up to 249 staff
- every member of staff is based in the UK
- you have one Pay As You Earn (PAYE) scheme
- you have or are planning to set up a defined contribution (DC) pension scheme.
Ted Wigzell, of Your Business Community, commented “This is a great tool to help SMEs plan their actions, however, there are already worries across the pensions industry that there will not be enough capacity to cope with the demand that will be created.” He continued ” Realistically, many businesses will only look at Auto Enrollment at the last minute – how many realise that certain businesses with under 30 employees will need to be ready in July, only 6 months away?”