Author: JW / / Latest News
As you are probably aware auto enrolment is being introduced throughout the UK. Many of our clients have or will be receiving letters from The Pensions Regulator (TPR) to explain some key points regarding auto enrolment and allow the business to register with them.
We will be offering our support to all payroll clients and completing as much of the associated paperwork as possible, keeping you informed throughout the process. Unfortunately businesses do have to register with TPR themselves to ensure they have the correct details. This process should only take a matter of minutes and Matt from our payroll team is more than happy to talk you through the registration process on receipt of your letter from TPR.
After this process is complete, it is important for businesses to start looking at pension providers and getting an idea of who you as the business will want to administer your pension scheme. We at Stopfords have a good relationship with a number of scheme providers and can refer you to an account manager for any queries you may have.
In our previous e-newsletters we have provided alternatives to NEST and a reminder of these are below:
We have received positive feedback from our clients that have started using the Now Pension Provider, which is good to hear.
You need to be aware that the first few fines for not complying with auto enrolment have been issued; these can be from £100 per pay period to £10,000 per day dependant on the size of the employer. Luckily this has not affected any of our clients as yet!
If you do need further support throughout any part of the auto enrolment process, please don’t hesitate to contact the Payroll Department 01623 420269 at your convenience.