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IFAs and Auto-enrolment

If you're a business owner, the government's auto-enrolment legislation means that you're probably starting to realise the challenges of complying with the new pension rules that were introduced in October 2012.

You've probably seen the recent television advert below and, like the featured faces, "you're in" because the government says so. Once your business reaches its staging date, it will be required by law to provide a qualifying workplace pension scheme for all eligible and entitled staff, whether they want to take up such an offer or not. In order to comply, employers will also have to provide a number of annual reports outlining the steps taken towards compliance, which will not only be time consuming but is also likely to get very confusing.

 

Many large firms will simply rely on their HR departments to handle the work but owners of smaller businesses will have to do it themselves, which could prove a daunting task. If you're in business you're probably already busy enough by doing what you do best but by working with an IFA who knows both the law and the company pension market you will eliminate a major business cost: your own time.

 

You can find out your staging date from the Pensions Regulator or the Department of Work and Pensions but even if it's not for a few years, you still need plan for this now. Think about how this will affect your business and we can show you how an IFA will add value - it is essential to have a specialist on board.

 

Our IFAs can help you with auto-enrolment compliance by advising you on the most suitable pension schemes and providing vital information on the administration and compliance required to succeed. By leaving it too late you could go to the back of the queue for advice with the risk of incurring expensive fines. 

 

Contact us now to discuss your options.

"Less than one in three employers is ready for auto-enrolment"

Source: Research undertaken by Jelf Employee Benefits
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