Staffs Chambers offering auto-enrolment pensions service

STAFFORDSHIRE Chambers of Commerce has launched a new pension service to help businesses meet the requirements of pension rules now being rolled out.

Auto-enrolment regulations mean that every employer must provide their employees with a workplace pension, automatically enrolling them and contributing to the fund.

The chamber workplace pension service – which carries a charge – provides businesses with a pensions expert who will meet with them to explain the new regulations, review existing pension arrangements and make recommendations.

They will then identify all employees who need to be auto-enrolled, provide the paperwork that employees require, assist with the first two scheme returns to the pension provider and help complete the regulatory return following auto-enrolment.

The chambers’ memberships manager Chris Plant said: “We’re pleased to be able to launch this service. Pensions can be a complex area and for some businesses this will be the first time that they’ve had to consider providing a workplace pension.

“The chamber workplace pension service is a member benefit which is designed to give businesses bespoke support, ensuring they implement a workplace pension by the prescribed date with the minimum of fuss and disruption to their business.”

Employers need to implement a workplace pension scheme by a prescribed date between now and 2018. Generally those with more employees must do this sooner and those with fewer are later, but all have a specific date to comply.

The Pensions Regulator is writing to each business some time before their ‘staging date’ to encourage them to begin thinking about the demands on their time and to plan ahead.

Fines, starting at £400 per day, are being levied for those who miss the deadline.