Workplace Pensions/Auto Enrolment
Your scheme set up for from £395 (+ VAT).
One of the major challenges facing owners of hospitality businesses is the new Auto Enrolment pension’s legislation. You may by now have received a letter from the Pensions Regulator, asking you to nominate a contact from within your business. Ignore this letter at your peril, as the Pensions Regulator can and will enforce fines against non-compliant businesses.
Failure to comply with a statutory notice could leave you facing a £400 fine, and daily fines of between £50 and £10,000. Failure to pay contributions could result in fines of up to £50,000.
With over 600,000 employers having to set up schemes over the next year or so, you could find yourself at the end of a very long queue with no guarantee that you will be able to set up your scheme before your ‘staging’ date.
So, where do you start?
There are a large number of companies offering ‘auto enrolment’ solutions: accountants, IFAs, pension’s providers, HR consultants and pensions advisors. The charges they quote can be in the region of thousands of pounds. There are also suppliers who claim to offer employers ‘free’ scheme set up, but you will need to read the small print. Will these suppliers guide you through the process and ensure you have registered appropriately with the Pensions Regulator, will they only allow you to set your scheme up online and not offer any support in person or by phone, will you incur heavy additional charges for ongoing management?
As specialists in the hospitality industry, we offer to you a transparent, affordable and fixed price solution, which will help you understand and comply with your duties every step of the way. You can choose to have a simple scheme set up, which costs from £395 (+ VAT) upwards or an ongoing scheme support package, which fits with your current payroll arrangements and ensures you need only do minimal work to stay compliant.
For a free telephone consultation to discuss your options please fill out your details on our contact us page and we will be promptly in touch.