Auto enrolment for IPs
Darren Toms of Clumber Consultancy delivered an informative webinar in February, outlining how auto enrolment will affect insolvent employers, and what actions IPs need to take to avoid being fined by the Pensions Regulator.
Firstly, can you outline what auto enrolment means for all businesses?
Over the next three years some 1.3m businesses in the UK will have to comply with auto enrolment (AE) legislation introduced by the Pensions Act 2008. This means that every Employer with a PAYE scheme has to introduce a workplace pension scheme for their employees by what is known as their staging date. The larger employers in the UK have already addressed AE and over the next three years businesses with less than 50 employees will be phased in.