Small and medium sized employers need to act now to ensure that their business is ready for the new work-based pensions law, says The Pensions Regulator. This year all employers will have a statutory duty to automatically enrol eligible workers – and failure to comply could result in fines and court action.
Under changes to pension laws, more than five thousand of the country’s largest employers have already automatically enrolled more than two and a half million workers. By now more than 25,000 medium sized employers should also have their plans underway to meet their new duties.
The first step for employers is to visit Thepensionregulator.gov.uk to find their staging date. This is when a business’s automatic duties are switched on and is set in law. Once the date is know, employers can use the timeline planner on the site to find out what needs to be done and by which date.