Since the introduction of Auto Enrolment, all employers are obliged to enrol eligible employees into a pension scheme and contribute to it regularly. It is therefore compulsory (since February 2018) for every employer to have a contributory pension scheme available which meets the necessary standards on an ongoing basis.
Beyond the regulatory requirement, there are a number of benefits to the business of setting up a competitive scheme. Employees looking to move jobs routinely assess the wider remunerative benefits on offer. Valued staff are also more reluctant to move if their employer demonstrates a wider commitment to their employees.
The complexities involved with such schemes can be intricate and time-consuming. We can help streamline this process.
We will conduct extensive reviews of the market to establish the optimal scheme for your business and financial circumstances and implement a workable framework.
Our Employee Benefits Team can help manage the running of the staff scheme and account to you at regular intervals with changes and regulatory requirements. Our team of experts will also provide oversight of how your approach may need to change as your workforce evolves over time as well as provide payroll management and advice on how this fits into your business’ wider financial infrastructure. We can even put together your employee communications ensuring they are kept up to speed with matters.
Helping employees understand what you have organised, how they should manage their pension and how much they should be paying in to reach their own goals can be extremely valuable. Our Employee Benefits Team can arrange employee seminars or one-to-one meetings so that your staff can grasp the true value of the benefits you have made available to them.
Lastly, it is sometimes easy to forget, in between the additional costs and administration for the charity, that for your staff this will form a vital role in their future retirement plans. Helping them to understand what you have organised, how they should manage their pension and what they should be funding to reach their own goals can be priceless. Our Employee Benefits Team can arrange employee seminars or one-to-one meetings so that your staff can grasp the true value to the benefits you have made available to them.
To read more on auto enrolment and the requirements of firms please click here.