01 Jan January 2014, welcome
A massive welcome to our re-launched Egan Roberts web-site!
Firstly I would like to wish everyone a happy New Year and hope that 2014 proves to be a prosperous and successful year.
The web-site has been developed over a few months, with the aim of telling you what we are all about, providing you with relevant easy to understand financial information and above all how we can help you develop your business and better manage your personal and business finances.
The start of a new year would seem a good time to launch the site and after all the excitement for payrolls of RTI (Real Time Information), we can now look forward over this year and the next few years to the next big challenge which is Auto-Enrolment.
The Government’s previous idea to tempt everyone to join a company pension scheme was Stakeholder, which failed to capture the imagination of many employees who surprisingly found more interesting ways to invest their wages. With that in mind the Pension Act 2008, which came into force on 1st October 2012 has introduced auto-enrolment with the message “you will join a pension scheme”. Whereas Stakeholder failed due to the apathy of employees not getting around to joining a pension scheme, auto-enrolment is presumably hoping apathy will work in the other direction and employees this time will not get around to opting out!
The general message from the Government is that they are more determined on this occasion to ensure employees join a pension scheme. This therefore means more work for the employer and there are some nasty penalties lurking around for non-compliance. Up to press Auto-enrolment has only affected the big boys but this year will see smaller and medium sized employers brought into the net.
By now you should have a staging date (date at which you need to start operating the scheme) and if your staging date is any time in 2014 you need to start considering your options and planning now.
Like many government schemes, what should be a simple process has turned into something much more complex. So if you need any help setting up your auto-enrolment scheme, we have the expertise!