Auto Enrolment Pensions: Employers Need To Act Says WJM’s Ron Nicolson

In October 2012, it was announced that all employers would have to enrol their employees in a pension scheme, often for the first time. Larger employers had to comply first and now the ‘Staging Date’ (by which a scheme must be in place) is approaching for smaller employers.

WJM’s Wealth Planner, Ron Nicolson, said “Many smaller employers are unaware of how swiftly their Staging Date could come round. For some employers with under 30 employees that date could be just 11 months away. If you have 61 employees, your Staging Date is a few weeks away on 1st August 2014 so if you haven’t acted yet, you need to do so urgently. Our Briefing Note shows Staging Dates for employers to work to.”

“Fines for non-compliance are large - up to £5,000 per day - so there is no ‘do nothing’ option. An employer must do something and that’s where we can help. We work with employers of all sizes and business types to help them put a suitable, and affordable, pension scheme in place for their employees.”

The WJM Wealth Planning team advises employers on using financial products, including pensions, to protect both their employees and their operations.

Ron added “We work with companies, partnerships, social enterprises, charities and more - whatever your organisational structure, we’ll have worked with it. We even work with families who employ domestic help such as nannies, carers, housekeepers and gardeners; those employees too will require to be enrolled in a pension scheme.”

Ron explains more in his Briefing Note ‘Auto Enrolment Pensions for Employers’, which can be downloaded here.

Ron can be contacted through rn@wjm.co.uk or 0141 248 3434.