What is Auto Enrolment?
As all business owners and employers are probably already aware, the Government has introduced Auto Enrolment to help more people save for their future. If you are an employer, you may well have already received a letter from the Pensions Regulator informing you of your responsibilities and a staging date – the date at which your duties come into effect.
Auto Enrolment involves the establishment of (and contribution to) a pension scheme by an employer for eligible workers. Employers can’t avoid the legislation. The reality is that just like PAYE, VAT and NIC, Auto Enrolment is another compliance requirement they will need to deal with and, like the other compliance requirements, there are punitive fines if they don’t.
How can employers fulfil their responsibilities?
NEST (National Employment Savings Trust) is a pension scheme that you can use to meet your employer duties. NEST has certain features and restrictions that may not be suitable for some employers, so taking expert financial advice before defaulting to NEST for a pension scheme is highly recommended.
Adam Maynard of Spencer Maynard Wealth Management, a firm of financial advisors in Battle says to employers:
“Chances are you will need help. Help to understand what the legislation requires you to do and the options you have. Help to assess the costs of Auto Enrolment and how to minimise them. And help to deliver a solution to make you compliant both at your staging date and on an on-going basis.”
“We provide a solution that will help you to proactively deal with your forthcoming obligations, establish a straight forward project plan and turn what could be problematic into a manageable, efficient and undisruptive process, “Adam continues.
“Most of all, we can reduce the distraction of Auto Enrolment to your business, reduce cost and resources that would need to be applied if you were doing it yourself, and give you the assurance you will be compliant.”
To get a free employer’s guide to auto enrolment visit: www.spencermaynardwm.co.uk/observer or call 01424 777994 for more information.