We attended an auto-enrolment seminar last week with presentations from financial advisors and pension companies. There could be trouble approaching, as the number of companies expecting to have auto-enrolment pension provision seems to outstrip the current capacity of the pension industry to provide it. There was also a statistic presented that 30% of companies that were due to start in April and May failed to do so.
Your company should start to prepare at least 6 – 12 months prior to the staging date. Look on ‘The Pensions Regulator’ website, and have your PAYE number to hand, and you will find that first piece of information. Be warned – An existing pension scheme may well not meet the requirements of auto enrolment, and there is no obligation for a current provider to assist you.
As a payroll bureau we can help. There are lots of steps to set up the pension, and an on going burden, but equally an opportunity to add to your companies employee benefit package and hopefully improve staff retention. If a contractual pension scheme does not suit, then an auto-enrolment payroll assessment scheme is the answer.
We can help process the assessment, provide data for you and provide data for the pension company. We hope we can be part of the solution and make life a little less complicated, while still allowing your company to comply with the most recent set of legislation. Contact us if you need further information