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Let us help you navigate the new workplace pensions legislation...
Evans & Partners run excellent FREE seminars helping clients find their way through the complex maze of auto-enrolment. Here are some comments from our latest seminar:
'It was all very useful. Easily explained and informal which was good.' A Thomas, Taylor Plant Ltd.
'Your seminar was a good starting point to get thinking about the process. Looking complicated!' C & F Ford, CF Installations.
'Carol is a brilliant speaker - all info very useful, thank you.' Tracy, Downend Electrics.
The largest and medium-sized companies have already had to implement auto-enrolment and now it is the turn of the smaller ones. By 2018 all UK employers will be running a company pension scheme for their employees. Many of these employers will be the smaller ones who between them employ about 50% of the UK workforce.
Carole Nicholls, auto-enrolment expert, says: 'I have been working with such employers for many years and I realise how ill-equipped they are to implement the auto-enrolment legislation. There is much more to complying with the legislation than simply picking a scheme off the shelf, even if it is the government’s National Employment Savings Trust (NEST)'.
The real issue is the day-to-day detail of the legislation which the employer has to do every single payday as well as communicate the complexities of the scheme to employees. It is complicated and if you have employees on shift patterns, or employees whose pay fluctuates, administering the scheme can potentially be a nightmare!
Carole adds: 'My worry is that this is not something to be tackled in one day just before the deadline, typically it needs HR, payroll and the finance team to all be involved, in itself a challenge'.
By 2015 40,000 employers a month will reach their staging dates and by 2016/17 it could be as many as 135,000 a month. There cannot be sufficient advisers in the UK to meet the demand for advice.
Carole is worried. She says, 'I obviously cannot reach all of these Bristol employers, my only hope is that they realise their need and reach out for advice - before they are submerged!'
By Carole Nicholls
Carole says ‘I would urge SME employers to make sure that they are aware of their staging date and set aside some time to tackle this and ask for help and advice. It is vital to have resources in place and someone in charge of the change. The penalties are severe’