In light of the increasing concern over how the UK can continue to fund the retirement needs of its ageing population, compulsory pension legislation has been introduced. The legislation requires firms to enrol their workforce into a pension scheme and make contributions on their behalf.
We realise the potential impact that auto enrolment will have on employers and employees alike. Our specialist Employee Benefits Team will provide all the guidance and advice required to ensure that you are ready to meet the challenges of workplace pensions.Click here to download our guide to auto enrolment
Unlike previous workplace pension reforms, employers cannot opt out and therefore all eligible employees must be enrolled from the company’s staging date. In order to get ready for this new legislation you will need to plan in advance to deal with not only the administration required but also to ensure your pension is suitable, if you have one.
Our team will work with you to help you through the implementation of the new requirements and would recommend you contact us at least 12 months prior to your staging date.
For information on your staging date click below. Please note you will need your employer PAYE reference to hand.Click here to find your staging date
Most people require a retirement income as close to their workplace earnings as possible, to ensure their lifestyles do not have to change when they stop working. Most people would agree that a greater level of income and flexibility is required than simply relying on the state pension alone and this can only be achieved by establishing a sound financial plan at the earliest opportunity, which will include a suitable savings plan.
Based on the significant tax advantages, personal pension funds are one of the most efficient and effective plans for retirement saving. Auto enrolment pension reform will ensure that your employer must establish a personal pension fund for you and contribute to the plan for your benefit.Download a copy of our employee information sheet
For employers, our initial assessment includes a review of any existing schemes which are already in operation, their suitability for meeting the combined needs of the Pensions Regulator, the employer and the employee and our recommendations if changes are deemed necessary. Many different types of pension scheme can be used by employers to meet the requirements and our advice would differentiate, recommend and establish whichever scheme (or combination of schemes) we deem most appropriate.
Our service includes a management report to outline how costs can be controlled and mitigated (for example, using salary exchange and segmenting the contribution basis for different employee remuneration packages). Once established, our team will deliver regular management meetings to review the on-going suitability of the scheme and provide advice to the management team. Our regular on-site pension clinics ensure that all existing and new members to the scheme have face-to-face contact to provide guidance and assurance.