FMB is renowned locally for our financial planning services to individual clients. Most people are unaware that our business was founded by a pension expert and some of our first clients were companies. We have 27 years’ experience working with group pension schemes and corporate financial services.
In all those years we have seen changes in Pension legislation to encourage retirement saving. However, auto-enrolment is by far the most significant so far and places far greater responsibility on employers than ever before.
Larger companies have already reached the deadline to comply with auto-enrolment and many medium sized companies will be approaching their “staging date” soon. If you have fewer than 50 employees it is likely that you will need to comply within the next 18 to 36 months. You will receive a letter from the Department for Work and Pensions a year in advance. However, many of the providers of pension schemes will not take new business within six months of staging dates. So, what does this all mean?
Don’t sit on it!
If you leave it to the last minute you will restrict your options and end up with a scheme that may not suit your needs. Providers are under a great deal of strain and your business could end up stuck in a backlog. You may end up paying penalties for non-compliance as well as for any mistakes you may make as you rush into the new pensions world. We are already experiencing delays with even the largest pensions companies due to the increased demand.
How can we help?
For £250 we can give you a plan which makes your costs and obligations clear.
Many of the large well known firms are turning away group pension business with smaller employers because the numbers do not stack up for them. NEST has become synonymous with auto-enrolment but the government’s NEST scheme is not the only low cost option; many employers are unaware there are alternatives which could suit them better.
FMB Auto-enrolment Review
- Review your payroll data
- Provide analysis on costs
- Advise on which employees are eligible and when
- Research the options available – we have an in-house IMC qualified analyst
- Prepare a written report for your company with recommendations
- A site visit to your business to make sure you are clear about your obligations and answer any questions you may have.
Some companies with in house HR managers may choose to implement the recommendations for themselves but we are more than happy to offer a quote for getting you up and running.