Why is auto enrolment an important part of setting up a new business?

11 June 2018

There are many things to consider when starting your own business. It is an exciting time. You will have all the usual things to sort out, such as –

  • Deciding on a business name
  • Getting a website developed
  • Coming up with a cool title for yourself
  • Getting those all-important business cards developed

But on the list of interesting and glamorous tasks to do, auto enrolment doesn’t appear at all. But it is a vital part of setting up a business when you have employees. Most people have never heard of auto enrolment, so it passes under the radar when setting up your small business.

But with The Pensions Regulator looking at whether you have this right in your business (and issuing fines if you don’t) this should be near the top of your list. Don’t start a business without looking into this.

What do I need to do?

Great question. You should be aware of your responsibilities with regards auto enrolment with care. You will need to set up some kind of pension scheme for your team if you have people working for you under the following criteria –

  • People over the age of 21 or under state retirement age
  • Earning over £10,000 per annum

If this is the case, then you need to act. Speak to us to find out more about the professional and supportive service we offer. It means you can stay compliant with auto enrolment regulations without having to become an expert in it yourself.

You might have a thousand and one things going through your mind when starting a new business. The last thing you want is a fine winging its way to you because you have overlooked a simple step on the road to success. Auto enrolment is here to stay and should become an integral part of your business planning if you employ people.