The automatic enrolment countdown for thousands of small and micro businesses across Wales has begun and The Pensions Regulator is calling on employers to act now.
The law has changed so that around 50,000 employers across Wales will have to meet their new pensions duties.
Across the UK, up to 1.8 million employers will have automatic enrolment duties over the next three years.
Many of these employers will see their legal duties start from January next year and with just four months to go, they should now be well underway with their plans. All employers should check exactly when the law applies to them, even if you employ just one person.
Business advisers across Wales should also be prepared to help their employer clients. The regulator’s websitehttp://www.thepensionsregulator.gov.uk/employers/getting-started.aspx should be the first port of call for both employers and their advisers.
Executive director of automatic enrolment at The Pensions Regulator, Charles Counsell said: “Employers acrossWales whose duties will come into effect in the coming months should by now be gearing up to meet their duties. If they are not, then they should act now.
“We know that the majority of employers want to do the right thing for their staff and we are here to help, but those who leave their plans to the last minute risk financial penalty. Whether you are a florist, a builder or run a pub, automatic enrolment applies to you.
“We are now approaching the three years since the start of the start of automatic enrolment and it has been a success – saving for a pension in the workplace is now the norm. Now employees in small and micro businesses will get the opportunity to save for their retirement.”
There is a wealth of information on The Pensions Regulator’s website to help small and micro employers who may not have pensions experience.
We have also launched a new Facebook page, making it easier for small and micro employers to seek and exchange information. In addition, the regulator holds regular webinars and question and answer sessions on LinkedIn. Details can be found on the website. http://www.thepensionsregulator.gov.uk/automatic-enrolment-guide-for-business-advisers.aspx].