There’s a misapprehension that auto enrolment (let’s call it AE for short) is all about pensions. It isn’t.
By Neil Welsh, Banks Wealth Management.This is a good thing as the bloke in the pub says that pensions are rubbish. He’s wrong of course, because he isn’t aware of some of the recent changes to pensions and how they might work for him and his family, much like your workforce.
AE also allows you to review some of your business plans – you can even use it as a tool for recruitment and retention of quality staff within your business. You are also likely to find that in preparing your AE solution and working alongside a financial adviser to do so (which we would recommend, unsurprisingly) then you will identify other business planning opportunities.
As your staging date approaches, the key is to be ahead of the game. With thousands of employers in the same position your responsibility is not to leave it too late. There are an abundance of AE providers out there, some good, some bad, some indifferent. Our role is to assess your business and workforce and direct you towards a scheme that is suitable. Most providers will work alongside your existing payroll systems and will auto-generate the bulk of the necessary employee communications. Don’t leave it too late - you could be faced with the ‘last on the shelf’ and a far greater burden of responsibility yourself.
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