The crunch time for companies, particularly smaller companies with 50 staff and less is approaching. It is estimated that in 2015 there will be tens of thousands of companies having to set up their compulsory Auto Enrolment Company Pension Scheme, and in 2016 that will rise to hundreds of thousands. Failure to meet your Staging Date can result in fines and other penalties from The Pensions Regulator who are in charge of this vast change in the pensions landscape.
Even now when less than 30% of employees have now been automatically enrolled, there is evidence that the pension providers are beginning to creak under the strain of the new business. In the Tax Year 2015/16 tens of thousands of employers will reach their Staging Date and in 2016/2017 it increases to hundreds of thousands! This will certainly stretch the resources of the pension providers and the number of pension advisers. It is a good idea to plan ahead.
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