 Businesses urged to take advantage of more generous ‘automatic enrolment’ staging dates
27 January 2012: The Department for Work & Pensions finally made its long awaited announcement on revised staging dates for when companies will have to comply with employer funded workplace pension obligations under ‘automatic enrolment’.
The revisions provide businesses with fewer than 250 employees more time to comply with the auto enrolment regulations, with no change to the staging dates previously announced for medium and larger size employers. The revised staging dates have delayed implementation by between one and 15 months for employers depending on their size, therefore while some employers will find themselves with significantly more time than previously thought – others will not.
Simon O’Reilly, an Employee Benefit Consultant in PKF’s Financial Planning team, said: “The new dates will be a welcome relief to many smaller employers and provide extra time for businesses to budget for increased pension obligations – although many were hoping for a full exemption given the tough trading conditions."
“Consultations on the finer details of automatic enrolment are not due back to the Pensions Regulator for a few months, so the revisions also provide much needed additional leeway for employers to consider the practical workings of automatic enrolment obligations."
“Despite the revised timetable, the deadlines remain challenging and employers should not rest on their laurels. Bosses should use this extra time to understand and plan for the major additional administrative and financial burdens that will be placed on them by these regulations.”
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For further information, please contact: Andy Konieczko, 020 7065 0537, andrew.konieczko@uk.pkf.com
Notes to Editors:
1. PKF (UK) LLP is a leading firm of accountants and business advisers with more than 1,500 partners and staff operating in 23 offices in the UK mainland firm, incorporating a wholly-owned financial planning company and associated offshore practices. The firm specialises in advising growing and entrepreneurial/owner-managed businesses, AIM and fully listed companies, and also has extensive experience in the public and not-for-profit sectors. Principal services include assurance and advisory; taxation; consultancy; corporate recovery and insolvency; corporate finance and forensic. The firm has particular expertise in advising sectors such as hotels and leisure; mining and resource; public sector; real estate and construction; professional practices; not-for-profit; and medical. The firm’s web site is www.pkf.co.uk
2. PKF (UK) LLP also offers financial services through its FSA authorised company, PKF Financial Planning Limited. PKF (Isle of Man) LLC is a limited liability company registered in the Isle of Man. PKF (Channel Islands) Limited is incorporated in Guernsey.
3. PKF (UK) LLP is a member firm of the PKF International Limited (PKFI) network of legally independent member firms. The PKFI member firms have around 2,200 partners and more than 21,000 staff in around 125 countries.
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