As an employer, you will be well aware of Workplace Pensions. If not, then you can get more information here, and we would strongly urge you to do so, as you could be staring in the face of an immediate £400 fine.
In short, it means that as a practice owner, you have a legal obligation to provide, manage and contribute to a pension scheme for all eligible staff working within your practice.
With Workplace Pensions now well underway, it’s important that you act now and start preparing – there’s a lot that can be put in place earlier. As part of your duty as an employer, taking some initial steps now will certainly help you along the way.
Auto enrolment is a legal obligation, and the Pension Regulator is quick to issue £400 wake-up call fines for non-compliance – this is before big daily fines of £500 or more.
Getting good advice is critical. Many practice owners have ended up short of time to enrol due to either attempting the DIY route or being under the impression that their accountant or payroll provider was dealing with it.
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