Most businesses in the UK – even small ones – should be well into the process of sorting out their pension schemes. While it used to be up to each company whether they offered their workers a pension or not, it is now compulsory for almost all businesses to have a pension scheme for their staff. The duty to provide a pension scheme is being phased in, but all companies should have begun the administration of their scheme, registering it with the Government and getting their start date, even if it has not become operative yet.
There is particular concern that ethnic minority small businesses may not have realised that pension schemes are compulsory for everyone. If you are an employer, make sure your accountant is on top of the paperwork – and if they are not, get professional advice fast. If you are an employee, make sure your employer has a scheme in place and explains to you what your options are.
Now the Lighthouse Group, a company specialising in financial advice, has warned that some small companies may be underestimating how much data they need to put on their registration forms. When they come to fill in their forms, it may take them much longer than they had planned if the necessary data is not available. Getting hold of the missing data could take days or even weeks – putting them at risk of missing their deadlines, and possible fines. The Group warns that even the Pensions Regulator estimates that only a third of groups due to “stage” in 2016 and only half of those due to ”stage” in 2017 are fully aware of their responsibilities.
Pensions expert Roger Sanders OBE, Managing Director of Lighthouse Group Employee Benefit which is helping SMEs across the country meet their enrolment requirements has warned all companies to make sure they know what they are supposed to be doing. London Bangla cannot give you advice on pensions – but we can say it is very important you find out what you are supposed to do. We don’t want to see headlines in a year’s time saying ethnic minority companies have missed their deadlines and are facing huge fines.
[Adverts]