Employers
Since October 2012 all employers within the UK will be affected by Auto Enrolment. As a result all eligible employees are required to be enrolled within the Workplace Pension Scheme and make the relevant contributions.
How does this affect employers?
With this new law it is important that the employer takes the time to understand the responsibilities and duties associated with implementing a scheme. There are DIY self-managed schemes out there such as NEST and Peoples Pension which maybe a cheaper option to select, however you will be completely responsible for the fiscal duties required of the running of the scheme. Not only will this carry a high level of responsibility for an employer but this approach can also be very time consuming for employers and often more expensive for both employer and employees. Some of the DIY schemes have hidden charges, transfer restrictions and limited investment options. We are already aware of cases where employees are in legal dispute with employers over the set-up of their Workplace Pension.
Can the Workplace Pension Advisory Service Help?
Yes absolutely, we create a partnership that encompasses every part of the journey facing businesses in Auto Enrolment. You as the employer can be confident in being compliant at your staging date and that you meet the ongoing rules and regulations that apply to running a Workplace Pension.