We are one year on since the biggest ever change in workplace pensions and for some, the introduction of automatic pension enrolment remains a minefield.
The initiative is being rolled out up to 2018 by which time all employers will have to have a suitable company pension scheme in place and be contributing on behalf of their employees.
The idea behind automatic enrolment is to help people save for their own private pension, rather than relying on the government one. Many people aren’t saving enough to live on when they retire and auto-enrolment aims to stop that.
The rules surrounding auto-enrolment are complex and employers need to make sure they don’t get it wrong or they risk significant fines.
Scott Herbert, Partner at Clarke Nicklin Financial Planning, in Cheadle, said; “There is so much that businesses need to know, which is why it is so important to plan well in advance. You need to know when your staging date is, how long it will take to implement the relevant systems and what you need to do so you aren’t hit with non-compliance fines. This is all in addition to ensuring you have the most appropriate pension in place. You can make auto-enrolment as painless as possible by preparing early.”
Clarke Nicklin’s expertise and credentials have recently been boosted with both Partner Scott Herbert and financial advisor Jon Nield becoming some of the few advisors gaining the Auto Enrolment exam accreditation.
To support employers in getting ready for auto-enrolment they are offering a free, no obligation, initial meeting to businesses.
For more information visit www.clarkenicklin.co.uk or call 0161 495 4700
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