Thomas Coombs is reminding small businesses that they face large fines for not adhering to new staff pension rules.
Around half a million UK employers with fewer than 30 employees will be required to enrol eligible staff into a pension – and start paying into it – this year. All employers have been given an automatic enrolment date, called a ‘staging date’, and this is the date by which they must ensure workers are signed up.
But Thomas Coombs fears that many SMEs won’t give themselves enough time. As a result, many of Britain’s businesses could be subject to fixed penalties of £400, daily fines of £50 to £500, and even prosecution.
Christopher Darwin, Partner, at Leeds-based Thomas Coombs said: “Employers should start planning around one year before their staging date”.
“It is all too easy to put it off but this is an issue that cannot be overlooked. There will be thousands of employers needing to meet their workplace pension duties in 2016 and so it makes sense to approach a trusted firm for advice in plenty of time. We don’t want to see anyone pay a fine that could be avoided by simply planning ahead.”
For more information about how Thomas Coombs can help your SME with staff pensions, please Christopher Darwin.