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Workplace Pension Advice

At Workplace Pensions North East we provide assistance to UK companies to help them comply with the obligations to their employees as set out in The Pension Act 2008. These obligations fall under the Auto Enrolment rules which state that all eligible employees should be joined to a qualifying workplace pension scheme where the employer contributes a minimum statutory payment for these employees. Employers are required to comply with these rules from their Staging Date.
  
An ideal corporate client for us to work with understands the benefits of making suitable provision for their workforce at retirement. We offer a free initial consultation in order to learn about the company, its people and structure. At the meeting we can discuss the range of advisory services that we can provide for both the company and its employees.

At this stage we can also provide a detailed report that will give an overview of the costs involved in meeting the statutory obligations under Auto Enrolment, once we are supplied with a payroll download and a schedule of any existing pension scheme. The fee covers the cost of generating a report and a follow up meeting to discuss its contents and suggest a strategy for the business.

Once we understand which services the client wishes to take up we can provide an estimate of our fees. We will then approach pension scheme providers and insurers from the market in order to find the most appropriate home for the pension scheme. We will also provide a formal recommendation and discuss how we communicate with the workforce to ensure that all staff are suitably informed. At this point, we will agree on a future review strategy for the scheme and the staff members and how Workplace Pensions Staffs will be remunerated for ongoing financial review and support work.

Many of the business that we engage with do not need to comply with these new rules for some time. However, the Pensions Regulator recommends that schemes plan for Auto Enrolment at least 18 months in advance of their Staging Date. Having conversations now and putting plans in place well in advance of the changes will help with impact on cashflow as well as portray a positive message to staff in acting ahead of time.

To understand how we can help your business comply, please contact us.

 

Martin Jinks