Automatic Enrolment – are you ready?
The Government has introduced changes under workplace pensions reform legislation that are designed to enable more people to save for their retirement. The main aim of which is to combat the issues surrounding the ageing population and the limited nature of State pension provision. The Government estimates that around seven million people are currently under-saving for retirement. In excess of six million people have already been automatically enrolled into workplace pensions since 2012.
You can prepare now by gaining a thorough understanding of the legislation and its potential impact upon you and your company. If you’ve already ‘staged’ we can also help assess your pension scheme and the processes you are using to ensure best practice and compliance.
Key considerations for your business:
The decisions you make will have a substantial bearing on how easy your processes are to manage as well as the overall cost of implementation, including systems, time and of course increased contributions. Areas you may need to consider include:
We can provide realistic solutions to help comply with the legislation and take the sting out of the potential costs surrounding it. Whilst helping build solutions, we also deliver effective process and communication, turning the complex and costly legislation into a valuable employee benefit.
For more information on Automatic Enrolment please refer to our useful links below:
The Pensions Regulator – detailed guidance.
Find out your Staging Date.
Following our decision to appoint Ernest Grant to look after our pension needs (back in 2011) the process of communication and implementation to date has been efficient, effective and very well received. We have been particularly impressed with their commitment to face-to-face advice. Many of our staff not only received their initial meeting but have met with their adviser from Ernest Grant on a regular basis to receive advice on their existing pensions which has been welcomed throughout.
We help scheme Trustees through a defined investment process and detailed strategic review of existing scheme investments and principals.
We can help you tailor a package of communications to suit your requirements and the demographic within your workforce. The overall aim is to drive employee engagement and understanding.
If you’re looking to reduce the burden of Trusteeship, our experts can help you in the decision-making process, outlining all your considerations and options.