Free Pensions Audit for BPF Members
Companies will be already be aware of the change to pension’s legislation which became effective from the 1st October 2012 which over a period of time will affect all employers in the UK. Dependent on the size of your company, that is number of employees, legislation dictates that a workplace pension must be offered and that eligible employees must be auto enrolled, subject to the staging date and the size of the employer.
The BPF have been working with Greystone Financial Services Limited, a member of our Business Support Network, for the last couple of years and have been planning our offering to BPF members for the last 12 months. This is a brief summary of the law and your duties;
Pensions – The Law
- Do you employ staff?
- Are any aged 22 or over?
- Are any under State retirement age?
- Do any earn over £7,475?
If the answers are yes, then you are affected. Even if you have an existing workplace pension scheme you may have to make changes so that it complies with new legislation.
Employers can either use their own pension scheme to comply with these new rules or rely on alternatives such as NEST or The People’s Pension.
Greystone are offering a free audit of existing schemes to ensure that they comply with the new legislation!
Your duty
Between 2012 and 2017 all employers will need to;
- Have a registered pension scheme or to enrol all eligible staff into it.
- Pay contributions into it.
- You could wait until you have to do it or plan ahead now
Negatives
Failure to comply with the auto enrolment legislation could result in fines for your company; examples have been quoted of £5,000, with additional fines based on a daily rate!
If you would like any further information please contact Chris Eaton at Greystone on 0161 972 7222 or email [email protected].
Alternatively please visit the BPF’s Scottish Widows workplace pension and employee benefits service page
