Auto Enrolment and Workplace Pensions
We all know that the world of pensions is changing, with new freedoms available. However the longer-term significant change is that almost everyone employed will be automatically entered into a pension. This will hopefully mean that more people save money for their retirement and become less reliant upon the State.
In practice, auto-enrolment or workplace pensions is largely about project management and compliance with the rules, with all of the responsibility residing with the employer. Non-compliance will result in hefty fines and some employers have already been on the wrong end of this. The truth is that the ultimate selection, cost and performance of the pension used is very much a secondary issue when set against the establishment of a scheme and the ongoing supervision of compliance. If you think PAYE, you will be much closer to understanding what is actually involved. As a result as an employer, you will need involvement of your Accountant and perhaps a financial planner for some aspects of the task.
Easy for employers & Accountants
So we have tried to make this process as easy as possible for both employers and Accountants. We are working with AE in a Box who provide a very thorough, low cost, step-by-step approach to getting your company compliant and staying compliant. Its online, so any pc or mac should work. Its also worth mentioning that all your employees will need an email address for auto-enrolment (whether you use this system or any other).
There are loads of videos, FAQs and guides about the process you will need to follow. Here is a brief video from AE in a Box that neatly explains the elements involved for your workplace pension.