Workplace Pensions Auto-Enrolment – What Banwell Accountancy is doing for their clients.
From this month (October 2015), the number of small business staging for the compulsory workplace pensions auto-enrolment scheme increases by a considerable amount. The graph below indicates the number of businesses staging will grow to around 220,000 by Q4 2016/17. Many of our clients will be staging during this period.
We are finding that clients do not have the time to fully understand all that is involved in the process. As an accountancy practise, we cannot advise anyone as to their choice of pension scheme, but we can provide advice on the process of auto-enrolment.
Banwell Accountancy has decided to bring its staging date forward from July 2016 to November 2015. This will enable us to understand the process fully by doing it ourselves, while at the same time becoming more aware of any problems and pitfalls. One pitfall we have already discovered from talking to businesses who have already enrolled, it not to leave it too late to start the process. This can lead to elements of the process not being done and potential fines as a result!!
A number of our clients have asked us to undertake the entire process for them. While we can certainly undertake much of the process on our clients’ behalf, there are a few actions and decisions only the business owner can make – most notably the choice of pension scheme. Aside from this decision, we, as your accountancy and help and advise you on any other aspect of the auto-enrolment process. Of course, fees will apply, depending upon the level of advice and work we undertake for you.
Banwell Accountancy has chosen to use the NOW:Pensions scheme and have set up a “bureau portal”, which means that Banwell Accountancy will be able to process the auto-enrolment pension scheme on behalf of any client who chooses the NOW:Pensions scheme.
Auto-enrolment can be a complicated process, so if you haven’t already done something about it, contact your accountant as soon as possible to discuss your options.