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Fines won't matter
when you're bankrupt or in liquidation.
This should be really fun. Watch out for the U - turn.
Over Retirement Age
2 of my four employees (4 includes myself) are over retirement age and drawing state pension. I assume that the two older members of staff are exempt from auto enrolment obligations?
Auto-Enrolment
Bobhurn,
You are correct that the "older" members of staff do not need to be auto-enrolled, however should they ask to be, you will need to enrol them.
This is applicable up until the age of 74.
Pinny
.
Its going to be like the working time directive all over again. Management standing over staff with a pen in their hand signing waivers, allbeit no-one seems to give a stuff about that legislation any more.
Still not for a couple of years yet, no panic yet. 2017 or something.
1 staff member?
I have had a look on the Pension Regulator website and that seems to indicate that ALL employers who pay a member of staff over £9440 (in 2013/14) will have to have a scheme in place to auto enrol the said member of staff.
The OP seems to suggest that this scheme applies only to employers with more than 2 Members of staff? (ie 3 or more?).
Can anyone clarify this?
Thanks
Staging date chart - number of employees
http://www.thepensionsregulator.gov.uk/employers/staging-date-timeline.aspx
From this it can be seen that for employers with less than 30 employees it is at least 2 years away.(ie. mid 2015 onwards).
Now, whether this needs 18 months of "preparation" incurring expensive fees of financial advisors is another matter.
As far as I see it too much money is at risk of being consumed by financial advisors,
Another scheme with ostensibly good intentions, but at risk of being undermined by the financial services industry carving themselves a cut.
Cynics might say that it was devised to help the financal services industry rather than workers.
FSB
I understand that the FSB will have a scheme aimed at smaller employers, I've not seen the detail but may be worth checking out