As of October 2012 new employer duties will be coming into effect, requiring employers to automatically enroll employees into qualifying pension schemes without any active decision on their part.
What are the main concerns?
As the pensions and benefits landscape changes most businesses are facing similar concerns. These include:
- Rising costs of funding pension contributions on behalf of employees
- How to ensure company pension arrangements comply with auto-enrolment legislation in a cost-effective manner
- How to cope with new administrative burdens, including identifying and auto-enrolling eligible employees, and then re-enrolling these employees every 3 years
- The effects changes to employee pension provisions can have on colleague engagement
Who can we help?
We can help you if any of the following scenarios apply to your business:
- You have employees in your business who don’t contribute to a pension scheme
- You do not make any pension contributions on behalf of your employees
- You run a defined-benefit (final salary) scheme and are concerned about rising funding costs for new and existing members
- Your run 2 or more pension schemes (defined benefit or defined contribution)
- You do not operate a salary exchange (salary sacrifice) arrangement
- You are concerned about the impact changing your pension and employee benefit package could have on employee engagement
- You have existing employee benefits (e.g. group life cover, private healthcare or permanent health insurance) and want a more competitive package.
Click here to request a call back from one of our advisers or call 0800 389 2193.
The goverment has developed The National Employment Savings Trust (NEST), as a simple, low cost workplace pension scheme and is designed to give access to a pension scheme to many employees. NEST is available to all employers, and any individual who joins NEST via their employer will be set up with their own Personal Account within the scheme.
Read our guides to learn more about the impending changes.
Quick guide to auto-enrolment & NEST or download our full guide to auto-enrolment & NEST here.