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Author: JP / / Latest News

New Pension Legislation

Auto Enrolment has been a hot topic for employers over the past few years and as of October 2017 there is a change being introduced to the current legislation.

Previously the Government had set a staging date based on the size of the business/number of employees, but as of October all NEW employers, with any number of employees, will stage immediately.  If your Auto Enrolment duties haven’t already begun, it won’t be long until your staging date is here. When this comes around, you must be sure that you’re prepared with a pension provider in mind, even if you don’t have any employees to enrol into a pension scheme you need to set one up (enrolling comes into effect when the employee is between 22 years of age and state pension age and earning more than £10,000 per year).

There are many different providers out there that you can run your pension through and all have their strengths and weaknesses: Nest is backed by the government, The People’s pension is backed by B&CE and NOW: Pensions are backed by ATP.

Nest is a free provider which is suitable for companies who don’t have a large amount of funds to contribute to their pensions. NOW: Pensions on the other hand are managed by a Danish pension provider and Denmark has some of the highest rated pension schemes in the world, which shows the expertise of this provider.

NOW: Pensions charge a small monthly fee, as they have micro businesses in mind, at a price of £12.50 + VAT for 1-4 employees and £20.00 + VAT for 5 or more employees. This is only a small price to pay to secure your employee’s future, as they not only offer support, but charge a lower fee to your employees than other providers.

It is common for some employer’s & employee’s to not understand the need for a pension scheme for which NOW pensions can offer advice and provide a FREE Webinar that can be arranged for any client wanting more information.  Alongside this, NOW: Pensions are also more than happy to send a representative to your premises, so that you and your employees can ask questions and voice any concerns you may have.

For more information on this please contact the payroll department on 01623 420269

 

 

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