Tuesday, August 11, 2020

Chamber launches auto-enrolment service

East Midlands Chamber has joined forces with member business The Wilson Organisation to help its members manage their pension auto-enrolment obligations.

In 2011, laws were passed that placed an onus on firms to provide pensions for all UK employees aged 22 to state pension age and earning more than £10,000 a year.

To comply with the law, employers are given a “staging date” from which they must implement their workplace auto-enrolment scheme.

Staging dates for the UK’s largest employers started in October 2012 and have been staggered over the past three-and-a-half years to include more and more businesses.

From the beginning of May, the final wave of staging dates, for small and medium-sized enterprises, kick in. It means that all businesses with fewer than 30 employees, all new employers and all employers which don’t currently have a PAYE scheme will need to put their own auto-enrolment schemes in place.

Failure to comply could result in fixed fines of up to £50,000 and/or daily fines of between £50 and £10,000 for each day of non-compliance.

Chamber chief executive Scott Knowles said: “The Chamber is delighted to be working in partnership with member company The Wilson Organisation to offer the scheme to members.

“Given that the Chamber has a high proportion of members with staging dates due in the next two years, this new service could be of huge benefit to many of our members”.

Nottingham-based The Wilson Organisation is a third-generation family-owned business which was established in 1914. It provides professional insurance, financial and risk management solutions to businesses and individuals across the UK.

Under the new partnership, it is offering a special package to guide Chamber members through the process of setting-up, implementing and running a workplace pension scheme which fulfils their obligations under auto-enrolment legislation, for a fixed fee of £1,500+VAT.

Ian Baguley, director and financial adviser at The Wilson Organisation, said: “Auto-enrolment is a major change for employers and their staff.

“For some employees it will be the first time they will have been entitled to an employer pension contribution or started a pension plan.

“We look forward to assisting fellow Chamber members to make the transition as smooth as possible, managing the process effectively in terms of time and cost”.

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