Seminars focussing on the Government’s sweeping workplace pensions changes have proved a huge hit with Swindon businesses, seeking to find out more about the legislation which affects all employers.
The two free events run by Banks BHG chartered accountants were over-subscribed by town employers, which are about to be engulfed by the new rules on auto enrolment requiring them to enrol their qualifying staff into a workplace pension.
Two further free seminars, with capacity for 25 employers at each, are planned by Banks BHG for next year – in February and May – but director Richard Mathews has promised more will be held if there is demand.
“The new auto enrolment rules came in some time ago, but there are different stages at which companies join,” he said. “Until now, they have affected the larger companies, but it won’t be long until small to medium-sized businesses are drawn in.
“From the end of 2015 and the beginning of 2016, a huge wave of businesses will start to join, and this wave carries on for the best part of two years, with a big spike at the end of 2016 and into 2017.
“That may seem a long way off, but it takes months to prepare for auto enrolment, so if you’re an employer whose staging post is towards the end of 2015, you should really have started already.”
Companies which fail to meet their auto enrolment obligations face penalties from The Pensions Regulator, starting with a £400 fixed penalty notice and escalating penalties up to £10,000 per day. Already, fixed penalty notices have been issued for non-compliance.
Said Richard: “The Government is very determined that auto enrolment will succeed, and as a result all employers are affected. It means a big change for the way payrolls operate, so our advice is to plan early and avoid being engulfed.”
The auto enrolment seminars will be on February 4 and May 13 at Banks BHG’s Stratton offices, starting at 5.45 for 6pm and followed by a light buffet. To book, visit www.banksbhg.com or email firstname.lastname@example.org.
Pictured above: Richard Mathews, director of Banks BHG