Why you need to know about The Pensions Regulator
Workplace pensions can seem like a bit of a minefield, especially with the introduction of auto-enrolment. You may have heard about The Pensions Regulator recently in the news, and we at SSASCo want to explain what it is, how it can help you and why you need to be aware of it.
The Pensions Regulator is an organisation which works with trustees, employers, pension specialists and business advisers to give guidance on what is expected of them, and how they can adhere to the latest legislation, and it is the UK regulator of work-based pension schemes; this regulation particularly applies to ensuring employers are fully compliant in regards to automatic enrolment.
Though The Pensions Regulator has been reported recently as imposing the first big auto-enrolment fines and fixed penalties to small businesses who were not prepared for their new duties regarding workplace pensions, their main aim is to actually prevent these problems from developing in the first place and to ensure employers are aware of what is required of them.
The deadline for auto-enrolment has started to affect thousands of medium sized businesses in 2014, and as a result, the latest auto-enrolment compliance and enforcement bulletin (which is published by The Pensions Regulator) has shown that breaches in compliance have almost doubled since January.
To raise awareness of the immediacy and importance of auto-enrolment, and to try and prevent employers from facing fines and penalties that they simply can’t afford, The Pensions Regulator has recently launched a new advertising campaign, as many small employers don’t realise that the new legislation applies to them.
It’s not all about enforcing punishments, though; The Pensions Regulator’s objectives also include protecting the benefits of members of occupational pension schemes, to improve the nation’s understanding of the administration of work-based pension schemes in general, and to minimise any adverse impact from auto-enrolment on the sustainable growth of an employer.
Despite the very real risk that small businesses could face with regards to providing workplace pensions for their employees, you don’t need to panic!
SSASCo have developed a solution to the concern that many small business owners are facing due to auto-enrolment, and it’s a solution that benefits employers and employees alike; our Enrolex product is not only fully compliant with auto-enrolment legislation and ensures your employees receive the contributions that are required, but it combines this with a complete SSAS pension for business owners, directors and executives. This means that not only do you and your business reap the numerous benefits of a SSAS, but we can take care of the stress and administration involved with auto-enrolment too.
To find out more about auto-enrolment, The Pensions Regulator or how Enrolex could work for you, call our friendly team of business pension specialists on 0845 862 2869.