Since October 2012, the law requires all employers to enrol eligible staff into a qualifying workplace pension scheme if they are not already in one. Both employer and employee will have to make contributions into the scheme.
The National Employment Savings Trust (NEST), a new, low cost, Government-backed pension scheme, is available for any employer to meet the regulations, but is just one of a number of solutions available.
Each employer will have been given a staging date by which they must implement Auto-Enrolment.
You cannot ignore Auto-Enrolment. Its rules are complex and far-reaching and will affect all employers and many of their processes. Compliance will be challenging and fines for non-compliance could potentially be substantial.
Auto-Enrolment is not just about pensions. It is also about payroll, increased administration, data management, HR systems, employee communication and the considerable financial impact on your company. Preparation will require excellent project management and coordination. Its implementation will mean many employers will have to review their whole benefits programme.
Auto-Enrolment demands expertise and qualified advice to enable you to plan ahead to meet your staging deadline. As specialist Employee Benefits consultants, we are fully conversant with all aspects of Auto-Enrolment and can help you plan and manage your responsibilities.
We can assess and advise on the suitability or otherwise of existing workplace pension schemes
We can help you implement a scheme that complies with the law and meets your wider objectives
We can assess and report on the financial impact on your company
We can handle scheme installation, staff engagement and on-going reviews
This is what we call ‘Smart Broking ™.’