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Be Prepared for Workplace Pension Auto-Enrolment

Malcolm Swift, Financial Services, Pavey GroupSetting up your own Workplace Pension Scheme can be daunting. Here at Pavey Group, help is at hand. Our Independent Financial Advisers provide assistance throughout the entire process of setting up Workplace Pension schemes providing support, advice and solutions. In response to the volume of enquiries on Auto Enrolment from our existing clients, Malcolm Swift,  Director of Financial Services discusses the importance of companies who have yet to stage on “Being Prepared” for Auto Enrolment.

 

What have we learned so far?

Malcolm replied, “I am sure many of us remember the Boy Scout motto “Be Prepared”; defined as being always ready to do what is necessary to help others, and being ready, willing and able to do what is necessary in any situation. Never could better words be spoken, when choosing your company’s suitor for Auto-Enrolment, Workplace Pensions.

“The good news for employers is that there is a far more positive attitude to saving for retirement via Auto-Enrolment than had previously been predicted. At employee workshops Q & A sessions, which form part of an Employer Workplace Pension proposition, they have been welcomed by both employers and employees especially with the new Flexible Pension Options announced in the 2015 Budget.

Having explained at a recent workshop that contributions are deducted via the payroll, while your employer makes a significant contribution, and that you get tax relief on your own contributions, one employee enquired “What’s the catch?!”

 

How can small businesses learn from those companies who have already staged?

Larger companies are now (or should be) up and running with their Auto-Enrolment solutions. 2015 presents a real challenge to those companies with between 30 and 50 employees. These companies will often be doing their own in-house payroll and are perhaps not as knowledgeable as larger companies who outsource their payroll to specialist companies with the necessary expertise.

Those staging from 2015 will also have seen that the Pension Regulator is not afraid to take a tough approach and impose well documented fines for late stagers!”

 

 How can companies prepare for Auto-Enrolment?

“It is impossible for those staging this year to ignore Auto-Enrolment. From the Department of Work and Pensions' “We Are All In!” advertising campaign, to almost daily coverage, there can be no excuse for not preparing for the challenges ahead.

The Pension Regulator’s website should be your bible and gives full details on what needs to be done. Many employers may wish to go it alone without outside advice but large numbers of 2015 stagers are desperately seeking outside advice on what to do from independent financial advisers and accountants.

What the employer may not be aware of is the vast numbers of companies due to stage this year and is perhaps also unaware that the industry is already experiencing a major capacity issue amongst the well-known pension providers.

So remember that Boy Scout motto “Be Prepared”. At least 6 to 8 months ahead of staging should be your starting point.”

For more information on making your preparations for Auto-Enrolment please contact our dedicated pensions team on 01803 652030. You can also download our helpful Workplace Pensions factsheet.

Useful Resources The Pensions Regulator Department for Work and Pensions