As you may be aware, the Government has introduced a new initiative called Auto Enrolment, whereby all UK employers have to provide a work place pension for their staff.
The new regime came in to force in October 2012 with the very largest employers and is gradually being rolled out to cover all employers by 2018. Every UK employer who employs at least one person will be 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 these changes have on an employer?
Unfortunately doing nothing is not an option, as the introduction of these new employer duties will at the very least require a review of any existing Pension arrangements, as employers will be 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.
It maybe a number of years until you have to comply with the new regulations, however we felt it is essential that you are made aware of the changes as they will have a direct impact on your business.
Unfortunately, doing nothing is not an option!
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: