Businesses in Lancashire could be facing statutory notices or costly fines if they do not act soon to prepare for their auto enrolment staging dates.
That’s the stark warning from Preston-based financial advisory firm Taylor Patterson following a survey to assess understanding and attitudes of the biggest ever shake up to the UK’s employee pension requirements.
While many companies have already enrolled their employees and others are working hard to ensure they meet their staging date deadlines, Taylor Patterson’s research revealed that more than 32 per cent of Lancashire businesses have received their staging date notification but have yet to act upon their obligation to set up a suitable scheme. Their complacence could have serious consequences for their business, including fines that could increase incrementally, the longer it takes companies to meet their obligations.
Paul Jackson, Employee Benefits Manager at Taylor Patterson said: “Auto enrolment for workplace pensions is being phased in over a number of years and those coming up for their staging dates over the next couple of years are SMEs who are often concerned about the cost and administration burden of setting up and running a workplace scheme.
“However, burying their heads in the sand is not the answer. The responsibility will not go away and have been clearly communicated to both employers and employees by the Department for Work and Pensions.”