What if you DO NOT have an existing pension scheme?
If you do not have an existing company pension scheme in place, then making plans for automatic enrolment is essential.
The new changes in pension legislation will mean an increased cost to employers and planning for these increases is crucial to your business too. Companies are starting to understand that they need to automatically enrol their workforce into a qualifying pension scheme, but that doesn't have to be NEST.
These are some of the common questions which businesses are asking, our FREE Guide will help you to further understand your obligations.
- How much will it cost our company to become compliant?
- When do we have to start the process?
- If we want to start now, how can we begin?
- If our company doesn't want to use NEST, what are the options?
- How do we begin automatic enrolment?
There are various objectives that you may want your pension to achieve and understanding these will be important when taking the correct advice. You may choose to supply your employees with a pension scheme benefit which far exceeds any legal obligation or, simply meet the legal requirement. Most however, choose to do part and part.
Talking through your goals and objectives for the pension scheme will help you to choose the most appropriate path. It is not a requirement for a company to select NEST, however this scheme may be the most suitable choice for your company circumstances.
The National Employment Savings Trust scheme has several limitations; limits to the amount of contributions, a limited investment fund choice and restrictions on moving the fund in its early years. This means that NEST may not be the best solution to meet their obligations.
We have designed an employers guide to the new pension rules, please complete the form to download your free copy. Alternatively please contact us for further information or to speak to a workplace pension specialist.