You may be aware of the legislation relating to workplace pension schemes and employers duties to auto-enrol eligible jobholders who are not already included within a company pension scheme. Legislation is changing because in the UK there is a huge shortfall in saving for retirement, as it is a low priority for most people. Faced with increased life expectancy, having to work for much longer and living with reduced income in retirement, the aim is to encourage saving by giving employees access to a work based pension scheme, with a minimum level of pension contributions.
NW Brown has the knowledge, experience and expertise to enable you to successfully manage the auto-enrolment process. We are able to work with you to ensure that you are able to provide a company pension scheme that is fit for purpose, tailored to your workforce and compliant with Government legislation. We will also work with you to ensure the pension scheme that you put in place delivers against the six principles that should be delivered, as stated by the Pensions Regulator, and necessary for members to receive good outcomes.
Download our useful auto-enrolment guides, listed below, to put yourself in the picture.
The 7 steps are the key stages to complete auto enrolment.
Auto Enrolment Employee Announcement Factsheet
You will need to explain auto enrolment to your workforce. Our employee announcement contains all of the relevant information to enable you to do this.
Under auto-enrolment rules, eligible jobholders cannot be required to make an active choice. There must be a default option in place. Our guide to selecting and managing the investment strategy explains the requirements of the default option.
The Pensions Regulator has stated that it is important that the pension scheme chosen for automatic enrolment can deliver good outcomes for retirement savings. To achieve this aim it believes that inclusion of six principles within the auto enrolment pensions scheme, are likely to deliver the six elements necessary for members to receive good outcomes. Our selecting and managing the investment strategy guide will steer you through this decision making process.
For more information about our services or to arrange a meeting with one of our consultants, simply complete our enquiry form, send us an email or call our Cambridge office on 01223 720206 or our Norwich office on 01603 661156.