The automatic enrolment of eligible workers into qualifying workplace pension schemes began in October 2012 with the largest companies. By 2018, every UK employer will have been brought on board.
Although the date that you begin enrolling your employees may still seem a long way ahead, it is crucial to start planning at an early stage so that you can be sure you have a compliant scheme in place and are prepared for the costs, administrative responsibilities and other issues involved.
HB&O Financial Services have introduced a four-stage advice process to help employers prepare for auto-enrolment, which includes an initial, free consultation. Our service offers:
- an initial consultation, designed to establish key information about your business including existing pension arrangements and employee structure
- analysis and report, including a full assessment of your workforce, current scheme and new scheme options
- design and implementation, to identify the most appropriate pension scheme option for you and putting this in place, including full project management of the process
- ongoing review and maintenance, including an annual review and checking that key aspects of the scheme remain appropriate.
We can also deliver presentations, as part of the implementation stage, to explain auto-enrolment to your employees and hold a surgery day, providing the opportunity for employees to have an individual financial review meeting that includes pensions and other financial matters.
Full details of the auto-enrolment service are available in our guide, which you can download here
You can read how auto enrolment indecision could prove costly for businesses in Tom Driver's blog