Do you have a workplace pension in place? Have you been putting the inevitable off for another day? Does dealing with business financial planning cause you stress? What are the consequences for my business of not complying with the pensions legislation?

The workplace pension, also known as 'auto enrolment' is not an option.

Employers have a legal duty to provide a workplace pension for eligible staff by 2018. Employees who qualify for a workplace pension are all staff who:

  • are aged between 22 and up to State Pension age.
  • earn at least £10,000 per year (tax year 2016-7).
  • work in the UK.
  • are not already in a suitable workplace pension scheme.

For the business owner, taking no action has consequences. Did you know that you will be fined by the Pensions Regulator if you pay late or don’t pay the minimum contribution for each member of staff?

Contributions start at 1% and will rise to 3% in 2019 (if approved by parliament). For small employers with one to four employed staff, failure to comply will result in a fine of £50 per day and for those with 5 to 49 staff it is £500 per day. Failing to take action risks clocking up a significant penalty notice.

Your business reputation is also at stake, the Pensions Regulator are 'naming and shaming' those businesses that have already been fined - imagine the damage to your brand and bottom line if you are in the Regulator’s firing line.

With the deadline of 2018, the clock is ticking. It’s time to contact the experts for pensions advice tailored to your business and its needs. If you’re unsure about where to start, Heritage offer the first hour’s advice free of charge.

Based in Prudhoe and supporting businesses of all sizes, Heritage is one of the North East’s leading and award winning independent firms of Chartered Accountants, Business Development & Financial Advisers.

Their main aim is to invest time with clients, getting to know their business and ultimately their aims. This process creates a great professional relationship from which they identify what support is needed.

Whether you have ten staff or 10,000, don’t delay the inevitable. Get in touch with Heritage today - their team of pensions experts are on hand to help.

Contact Jill Keeler on 01661 835620 or email jill@heritageaccountants.com .