Act to avoid pension penalty
SMALL business owners across Portsmouth are being urged to act now to avoid hefty fines and potential prosecution as more than 750,000 employers face new responsibilities to contribute to their staff pension pots.
Lynn Adams-Ahern, who runs TaxAssist Accountants in Gosport and Fareham, said: ‘A record number of businesses reach their so-called ‘staging date’ this year for the new workplace pension scheme. Local business owners will have received their date from the Pensions Regulator and must automatically enrol eligible employees and contribute to their pension pot.
‘Many business owners have planned well in advance, but 2017 will see the new rules come into effect.
‘We’re urging local business owners who haven’t yet put a scheme in place for their staff to do so soon to beat the inevitable rush and avoid hefty penalties.’