25 November 2015

Pension auto enrolment staging dates loom for smaller firms

Over the next two years, smaller companies will need to auto enrol their employees into a qualifying pension scheme. This requirement affects all companies and penalties for non-compliance are severe with possible daily fines of £2,500. 

The BPIF has been working closely with the Printing Industry Pension Scheme (PIPS) and Meridan the scheme advisors, to support businesses planning for auto enrolment. As part of this we ran pension roadshows throughout October covering areas such as:

• Issuing communications to employees
• Identifying a qualifying workplace scheme and deciding on scheme options
• Assessing the workforce for enrolment eligibility 
• Offering the scheme to other jobholders 
• Making employer contributions 
• Submitting returns to the Pension Regulator Collect employee contributions at source 
• Maintaining records 
• Adding new members and coping with opt-outs

Andrew Barnes, Managing Director of Multiflow Print Limited, who joined the Milton Keynes roadshow described it as “very useful and informative. I left feeling less daunted and reassured in the knowledge that the BPIF can help me implement a scheme that would benefit both my employees and my company.”

Although the Pension Roadshows are over, Meridan are still available to guide you through planning and preparing your business for these changes. Further roadshows are planned for the new year, but in the meantime please contact Alan Hudson from Meridan directly on 0800 132 100 in order to arrange an appointment.

Alternatively, contact Steve Walker at the BPIF on the number below.