Do you feel like the Government is against you, and that you are losing control?
Whilst it is true that you have to supply a workplace pension scheme for your employees (often referred to as workers), you can take back some control.
The government has introduced a law designed to help people save more for their retirement. It requires all employers to enrol their workers into a workplace pension scheme, if they are not already in a qualifying one.
The required duties are detailed within hundreds of pages of legislation which cover what the duties are, when you have to apply, and what happens if you do not comply with them.
Key Points for Employers
- Provide a workplace pension if you employ at least one person in the UK (this is a requirement by law)
- The date you must start offering a workplace pension scheme is determined by a number of factors, but you should be notified by the Pensions Regulator
- Automatically enrol all workers into the pension scheme
- Make the contributions on the workers behalf
- Register with the Pensions Regulator
- Provide workers with certain information about the changes and how they will affect them
Beacon Wealth Management Ltd has a range of material available for employers to assist with informing their workers.
If you already have a workplace pension scheme in place, you will need to assess
whether it meets the requirements, and if not, look at what needs to be changed.
Beacon Wealth Management Ltd can help you choose the following:
- How much you contribute (providing you meet the minimum requirements)
- Save money. If you choose not to go with the government scheme, you could save national insurance contributions.
How the Pension Investment works
There must be a default fund for the scheme and we can help you choose one which is appropriate and compliant.
We can also help your workers choose investments which are in accordance with their individual attitude to risk.
- Who provides it – Beacon’s Workplace Pension department, with team members who know everything about your scheme.
It is likely you will need the help of an expert to guide you through the changes and make sure you are able to meet your employer duties. Beacon Wealth Management Ltd are experienced pension advisers and well placed to help you prepare for the changes you will have to make. By starting to plan now, we can help you to assess the costs and minimise the disruption to your business.
If you would like to ask a question and/or make an appointment with an adviser you can email firstname.lastname@example.org or telephone 01480 869466 and speak to our Employee Benefits Specialist.