Workplace Pensions Auto Enrolment for employers is coming – Are you ready?
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 againsts 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.