How do I select a pension provider?
It can be hard to select a provider especially if you don’t have an independent financial advisor. However, The Pensions Regulator has some great resources - choosing a pension scheme. You can contact us for more information / help too.
Who qualifies for auto enrolment?
Simple, anyone who is over the age of 22 and earns £10,000 or more. Anyone who does not fall into those requirements has the option to opt in or join the pension scheme.
What information do you need to send to your employees?
You need to give employees chance to opt in and out of the pension scheme, some may already have private schemes and some may not qualify so by sending them a simple letter about your scheme rules and how their contributions will be calculated gives them a chance to decide for themselves. They will also need to be notified of any changes to the scheme in the future.
If we don't comply what are the penalties?
In cases where an employer has not understood their duties or been unable to comply, penalties may be issued. Before this happens the employers will receive a letter called an enforcement notice or an improvements notice.If the company does not become compliant within the timescale given in the enforcement notice then fines will be enforced.
Fines can range from:
- £400 fixed penalty for non-compliance
- £50 per day (for 1-4 employees) to £10,000 per day (500+ employees) for escalating penalties
- £500 per day - £130,000 per year for continued breach
Prevent paying unnecessary penalties and become auto enrolment compliant the first time round.
How can Dataplan help?
Dataplan can offer a range of services to suit all types of auto enrolment needs. All you need to do is call 0333 11 23456.