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DID YOU KNOW: All employers with one worker or more are now required to enrol eligible jobholders into a workplace pension scheme, and also make an employer contribution?
This is known as automatic enrolment and is the first time employers have been required by law to contribute to their workers’ pensions.
Employers need to choose a pension scheme that meets certain Government standards. To qualify, minimum contributions must be made into the scheme.
Auto Enrolment is now well underway in 2013, all companies with between 58 and 500 employees will receive a letter from The Pensions Regulator confirming their company’s start date for Auto Enrolment, which will be next year
Even if you are a business with less than 59 staff, you should start considering the impact on your business and how the Auto Enrolment scheme will be paid for so you are ready for your Staging date in 2015 onwards.
When many organisations are faced with rising costs, administration hassles and increased legislation – companies are being asked to do more with less. There has never been a more important time to gets the facts you need, to get your business ready.
Don’t Gamble with Your Auto Enrolment Deadline, Are You Ready?
Whether your current pension arrangement (if you have one) complies with Auto Enrolment (as nearly 90% of current schemes don’t comply)
How you can communicate Auto Enrolment to your workers and ensure you get the right message across
The additional administration and costs involved in meeting the new requirements
If your existing payroll process needs to be altered
If you are comfortable implementing the new processes and are satisfied that you can comply with the record keeping and reporting requirements in time.
Regardless of the pension scheme the employer chooses, they must give their workers factual information such as: they are going to be enrolled into a pension scheme; what that pension scheme is and the amount of contributions they will have to pay.
There will be over ten million individuals who’ll be eligible for automatic enrolment, so pension providers will be processing an unprecedented amount of workers.
With less than 12 months away for some companies, the pressure is on for many employers to ensure that a suitable scheme is in place in time for your Start Date.
The sheer volumes of employers who will be looking for assistance at the same time is going to put a lot of pressure on qualified professionals to be able to provide the right support, and due to the numbers, many employers may be struggling to find advisers if it is left too late.
We provide independent pension advice that is not restricted in any way. This allows us to consider, identify and shortlist the most appropriate pension auto enrolment options in the market today.
Call us today on 0800 614 997 for your free initial consultation or click the box below to have our Auto-enrolment expert call you at a time that suits.
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More information on Auto-Enrolment Pensions
National Employment Savings Trust (NEST)
Is critical to the success of automatic enrolment. NEST is open to all employers and has been designed to offer simple, low cost pension provision to those on low to moderate earnings, thus addressing the needs of small employers in particular.
Although NEST will generally be subject to the same legal requirements as other occupational pension schemes, certain differences will apply, in particular:
to limit its impact on the existing market – there is a cap on member contributions and it cannot transfer pension rights from or to other schemes. The Government will review these limitations in 2017;
it will offer the same low charge to all members, regardless of whether they work for a small, medium or large employer. Its low charge – broadly equivalent to a 0.5 per cent Annual Management Charge – is comparable with those currently available to members of large workplace schemes
As NEST is such a large and diverse scheme it will not have traditional member-nominated trustees but employer and member panels.