As you may be aware, the Government introduced an initiative called Auto Enrolment, whereby all UK employers have to provide a work place pension for their staff.
The regime came in to force in October 2012 with the very largest employers and has been rolled out to cover all employers by 2018 and all new companies set up after this date. Every UK employer who employs at least one person is legally obliged to:
Why is this happening?
People in the UK are living longer, with life expectancy continuing to grow. This is great in terms of being able to enjoy a long retirement, but this means the Government has to try and stretch the already reducing State Pension money further. They want more people to save for their own retirement, rather than simply relying on State benefits.
By making employers automatically include their eligible staff in a Pension scheme, they hope to make saving for retirement easier and less daunting, and increase the number of people saving for their future.
What impact will this have on an employer?
Unfortunately doing nothing is not an option, as the employer duties will at the very least require a review of any existing Pension arrangements, as employers are required to ensure that existing arrangements are compliant with the new legislation. All schemes must be registered with The Pensions Regulator and failure to comply will result in substantial fines.
Our Relationship and how we get paid
We believe that you have every right to expect value for money from us and that’s exactly what we constantly strive to deliver.
Our fees will depend on the initial level of service you benefit from most and the type of on-going relationship you require.
Generally speaking, we charge for our services on the following basis:
- No charge for the initial meeting and information gathering. We will bear the cost of this
- Fixed fees will be agreed for each stage of the advice process and will be determined by the level of involvement and service you want from us.
- Once the chosen strategy is in place, we will agree an on-going service level and work closely together in line with your needs.
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