The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
We can give advice on all aspects of setting up a company pension scheme and help you review your existing one. There are a number of very important developments in this area that you will have heard about but may need some extra clarity on, or help in setting up, in particular auto enrolment.
Pension reform is going to affect every employer in the UK and represents the most radical change to the pension system in our lifetime. It requires you to contribute to your employees’ pensions AND also to meet the requirements of new legislation.
Starting from October 2012 all employers, beginning with the largest companies with PAYE sizes in excess of 120,000, will need to carry out their legal obligations.
Those obligations will include:
- Knowing your staging date
- Categorising employees
- Reviewing your existing pension scheme to establish if it meets the requirements
- Informing employees at specified times
- Registering with the pension regulator
- Automatically enrolling the eligible employees into an eligible scheme
- Managing opt-ins
- Managing opt-outs
- Ensuring record keeping is on-going and reporting to the pension regulator
- Allowing entitled workers to join a registered pension scheme and make contributions on their behalf and in line with the staging date
- Meeting any requirements for re-enrolment
- Supplying your pension provider with information required to allow them to report to the regulators
We are able to help with all these requirements and to ensure that you are fully prepared for this very important change in how workplace pensions are managed we will be running seminars specifically on this subject. Please contact us if you would like to be notified of dates and times.
Auto Enrolment is not regulated by the Financial Conduct Authority.