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Auto Enrolment: What?

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12:03am 1st June 2015

A company based in Cornwall has created a new step by step online solution...

 

My Auto Enrolment

 

...which empowers business owners across the UK to fulfil their pensions obligations without reading the equivalent of Great Expectations.

The team at Truro based Watson French has launched myauto-enrolment.co.uk to help companies across the UK to fulfil their requirements for the Government's pension initiative which aims to help employees save for later in life through a work pensions scheme.

Since 2012, the initiative has already been enforced in large and medium sized companies, but, with these submissions made, the focus has now switched to small business owners.

In the South West 203,720 businesses, which have 50 employees or less, are now facing the process which has been deemed the biggest administrative headache in years.

The site, developed by Newquay based Buzz Interactive, will guide businesses through the process which is fully supported by the team of chartered IFAs at Watson French.

Stephen Watson, creator of myauto-enrolment.co.uk,  said: "This is a unique online procedure which calculates and compares contributions and costs allowing users to be guided by a team of chartered independent financial advisers to make their submission in their own time and at their own pace.

"Since auto enrolment began 4.7 million workers have been put into a workplace pension scheme by their employer. More than 33,000 large and medium employers have complied with their duties.

"But as this scheme is rolled out over the next three years another 1.25million employers will have to comply with the new workplace pensions. Here in the South West, this equates to 98.19 per cent of businesses, which have 50 employees or less, who will have to make their submissions.

"The South West is the region with the second highest proportion of businesses with 50 employees or less.

"What has been lacking to date is a seriously good technology platform, fully supported by chartered independent financial advisers, which removes the manual intervention which comes at a great cost, especially to smaller businesses.

"Auto enrolment has been a challenging task for many as The Pensions Regulator (TPR) advice for employers is even longer than Tolkien's 'The Fellowship of the Ring'(177,227 words) and is almost the same length as Great Expectations (183,000 words)."

In April, 117,100 businesses nationally received letters with 101,000 of those being given 12 months to make their submission while 16,100 received their six month reminder. A further 9,700 are expected to submit last minute which means risking compliance notices from the regulator.

Latest figures show TPR has issued four escalating penalty notices carrying a daily fine of between £50 and £10,000 against businesses which have failed to comply with their auto-enrolment obligations.

The regulator also reveals a 20 per cent quarter-on-quarter increase in the number of firms issued fixed penalty notices of £400 from 166 to 198 and it has used its AE powers 446 times in the first three months of 2015, with the total coming in at 1,962 since the legislation took effect in October 2012.

Mr Watson said the team at Watson French, a company regulated by the Financial Conduct Authority, wanted to create a process which is stress free, fully guided by an independent adviser and is faster and safer to use.

He said: "myauto-enrolment.co.uk is a solutions driven process which reduces cost, saves time, is stress free and is 100 per cent guided by independent financial advisers. It is not only the perfect solution for businesses who don't want to spend thousands of pounds on seeking specialist support but it is also a bonus for accountants who will be able to pass the benefits onto their clients."

 

LoveCornwall.com - The Cornwall Business Directory