The time has come. Employers are having to auto-enrol staff in workplace pension schemes.
The deadline for many employers has already passed, though some new small businesses have until 1 February 2018. The Pensions Regulator has been charged with enforcing compliance, but certain treatment could also give rise to employment tribunal claims, such as subjecting a worker to detriment in relation to auto-enrolment.
It sounds daunting. And financial advice is expensive, isn’t it? Well according to Catherine Pinkney of Paycircle, for employers who want a simple scheme there are a number of DIY options, some of which are free and for smaller employers they can be set up in little over an hour. As Pinkney says, some employers may choose to pay more for a more bespoke service. But it is good to know that not all professional services have to cost an arm and a leg.
Law for the online generation starts here.
Catherine Pinkney, co-founder of payroll and pensions platform, at Paycircle, said: 'With the vast majority of the UK’s small and micro businesses now starting to stage, it’s more important than ever to broadcast the message that there are ways for companies to set up a fully compliant workplace pension scheme themselves at no cost.