Sheffield area employers leaving it late to act under the Government’s new compulsory pension legislation could find that providers are not able to meet the heavy demand for new schemes before deadline day, a specialist has warned.
And any employers missing the deadline risk heavy fines, says Nigel Smith, from Sheffield-based Hawsons Wealth Management.
The new legislation means that businesses will have to ensure they operate a suitable pension scheme which meets the requirements of Auto Enrolment, with different deadline dates for introduction according to the size of the company.
“Many existing pension schemes are not compatible or compliant with the new regulations and it may be necessary for companies to adopt more than one or to adapt their current schemes.
“I would strongly advise them not to leave it too late to act because there are thousands of employers in the same situation and pension providers may be unable to satisfy the huge volume of enquiries for new schemes before the deadlines run out.”
To help local businesses get to grips with the new pensions legislation, Hawsons Wealth Management are hosting two free seminars, at the Copthorne Hotel, Sheffield, on October 1, and at the Keepmoat Stadium, Doncaster, on October 8.