Auto Enrolment for Pensions – Networking Event 24 November 2015 –
Neil Pinney from Pilgrim Financial Consultants gave a very interesting and insightful view of the auto enrolment process and how it affects businesses.
Slides of the presentation can be viewed here Auto Enrolment Nov 2015
The talk covered the timescales for enrolment and how this started in 2012 for larger businesses and that we are now about half way through the process. Although 50% of workers are now enrolled in the scheme this only represents 5% of companies so it is going to be a very busy time for the smaller business. Many people may leave it to the last minute and this could cause congestion so it is better to be prepared that risk the rather heavy fines that can be imposed for late enrolment.
Neil went on to explain who needs to be enrolled in the scheme, which employees are eligible and the different types of scheme that are available.
There will be a cost to both the employer and employee and the levels of contributions were outlined and how these are set to rise on a sliding scale until 2018.
A number of questions were raised as it was clear that by understanding what needs to be done a great deal of time and money could be saved.
Neil Pinney APFS is a Director of Pilgrim Financial Planning.