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My staff are keen to know more about their pension following auto enrolment, what should I do?

As of July 2015, 5.4 million people have been auto enrolled into a workplace pension scheme*. This has resulted in some people joining a pension for the first time, and as a result they are keen to find out more. Many employers are no doubt in the perilous position of fielding pension queries from their staff following their staging date.

This can be very time consuming for an employer, especially at the point when members are joined into the scheme. In addition to this, there is the risk that the employer strays into providing advice to their employees which they aren’t regulated to do.

Employers can seek help from pensions professionals to carry out this function on their behalf. At Taylor Patterson, we provide pension clinics for the employers workforce. The clinics are designed to provide employees with guidance and support in relation to their pension plans including any regulatory changes. A typical pension clinic would include the following:

  • An update and discussion regarding the members pension in terms of fund size, level of contributions and fund performance
  • Information on any changes in pension legislation since the last discussion including changes in the State Pension and auto enrolment contribution levels
  • Provision of information and guidance on retirement options available to the member and also assistance with their retirement planning strategy
  • An opportunity for the member to discuss any pension related queries they may have in relation to the company scheme and also any other pension arrangements they may have acquired

In addition to this, we can also provide year round e-mail and telephone support to both the employer and employees with any queries regarding the pension scheme. As an employer, it is important to note you can offer access to a financial adviser to your employees and potentially be eligible to tax benefits on this cost.

Source*: https://www.nao.org.uk/report/automatic-enrolment-to-workplace-pensions/

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