And at the same time, 96 Escalating Penalty Notices were issued
Fines, ranging from £50 up to £500, together with Compliance Notices are real and happening.
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Auto Enrolment is here. Do you know how it will affect your business?
Do you know your responsibilities under the new Workplace Pension legislation? Join us for our Free Auto Enrolment Awareness Seminar and hear directly from The Pension Regulator.When? Tuesday 8th March Session 1 1:00pm – 2:30pm Light buffet lunch provided from 12:30pm
Session 2 5:30pm to 7:00pm
Where? Holiday Inn Washington Emerson District 5, Washington, Tyne & Wear, NE37 1LB
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Auto Enrolment is here. Do you know how it will affect your business?
Do you know your responsibilities under the new Workplace Pension legislation? Join us for our Free Auto Enrolment Awareness Seminar and hear directly from The Pension Regulator.When? Wednesday 9th March Session 1 1:00pm – 2:30pm Light buffet lunch provided from 12:30pm
Session 2 5:00pm to 6:30pm
Where? Preston Marriott Hotel, Garstang Road, Broughton, Preston, PR3 5J
Read More
Auto Enrolment is here. Do you know how it will affect your business?
Do you know your responsibilities under the new Workplace Pension legislation? Join us for our Free Auto Enrolment Awareness Seminar and hear directly from The Pension Regulator.When? Tuesday 8th March Session 1 1:00pm – 2:30pm Light buffet lunch provided from 12:30pm
Session 2 5:30pm to 7:00pm
Where? Holiday Inn Washington Emerson District 5, Washington, Tyne & Wear, NE37 1LB
Read More
45% of business owners without a workplace pension scheme are still unclear about their responsibilities.
According to research by the Federation of Small Businesses (FSB), smaller businesses are unclear what they need to do when it comes to auto-enrolment pensions and what the associated costs will be.
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Come along and hear how our tailored, fully managed solutions will help you through the pre and post staging process of Auto Enrolment.
When? Thursday 28th January 2pm - 3.30pm or 5.30pm - 7pm
Where? Marine Hotel,8 Crosbie Road, Troon KA10 6HE
Read MoreThe Pensions Regulator (TPR) issued almost four times more auto-enrolment non-compliance notices against employers in last three months than in the previous quarter, official figures show.
The watchdog's latest update shows that 469 warnings were handed out over the three months to the end of September, up from 119 the preceding quarter.
TPR also issued two escalating penalty notices in the period, taking the total number dished out to seven.
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PensionsWorld reports on their latest research stating that 20% of small employers are not clear about when their auto enrolment duties come into affect.
What this means is that thousands of small businesses will be try to enrol at the very last minute, creating a huge bottleneck and the demand outweighing the supply. This will result in those unfortunate enough to ‘miss the cut’, receiving hefty government fines.
This can be avoided by acting now.
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When it comes to auto enrolment, we always advise ‘act now’. When you start your auto enrolment process early, you can gain from great payment plans and make big savings on your staging fee. Apart from monetary savings, staging early reduces the stresses of the process, lets you avoid rushed decisions and stops you missing your staging date, receiving hefty fines.
Many companies offering auto enrolment services are stopping the intake of clients for certain staging dates. Quite simply, there is a bottle neck and companies seriously run the risk of missing their staging dates.
The Royal London have released a statement to their clients informing future applications for staging dates from, the 1st of October 2015, will not be accepted.
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SMEs can learn the lessons of big businesses when embarking on pension auto-enrolment, says Graham Vidler, director of external affairs at the National Association of Pension Funds.
Automatic enrolment (AE) has changed the UK workplace forever. It is a major reform that will bring millions of people into employer-sponsored pension schemes and will require employers, and most employees, to save into a pension scheme.
The date employers must start to enrol employees is determined by the number of employees on the organisation's tax record at April 1, 2012. Employers set up since April 2012 will be required to start enrolling from May 2017. The Pensions Regulator will write to every employer, twelve months and three months before that employer's start date.
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Employers have been hit with the first escalating fines by The Pensions Regulator for failing to comply with auto-enrolment rules. In the first quarter of the year, 198 firms were hit with £400 fixed penalty notices, compared to 166 in the last quarter of 2014 and just three firms prior to that.
In addition, the regulator used its first four escalating penalties. These can range from between £50 and £10,000 a day depending on the severity of the breach. TPR would not say what level of fines have been issued.
It is expected the number of firms falling foul of the regulator will increase as smaller employers hit their staging dates. Over one million of the smallest employers will have to comply over the next three years.
Read More
Size does matter when it comes to businesses taking care of pensions, reports Anthony Harrington.
The government's attempt to turn us into a nation that saves for its future by enlisting the power of inertia
is gathering momentum. Auto enrolment has already scooped up all the huge companies and moved on down the size
scale to the point where firms with 50 employees are now “staging” (the term that signifies that employers at
a particular size category now have to include all qualifying employees in an approved pension scheme).
MAP Enrolment Solutions have brought a range of choices to the Auto Enrolment market. With a selection of providers, we are able to offer a wide range of solutions to both the professional intermediary market as well as employers directly. Register early and take advantage of substantial fee discounts as well as being well prepared for your staging date.
The Pensions Regulator can compel employers to comply with their auto-enrolment duties. The Regulator can impose a fixed penalty of £400 on employers who fail to comply.
In some cases, the Regulator can impose a daily penalty of between £50 and £10,000 depending on the number of employees affected.
Don’t leave matters till its too late by acting today you can obtain discounted fees reduce any hassle and ultimately avoid fines.
1 Dukes Road, Troon, KA10 6QR.
Tel 01292 317214
Email info@mapenrol.com
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