For those employers without any current pension provision, planning for auto-enrolment is crucial and the sooner you commence the process the less impact the new legislation is likely to have.
The changes in legislation will inevitably lead to increased costs for employer, so advanced planning is business critical.
There are a number of important questions which we can help answer for you some of which are:-
- What costs are involved in becoming compliant with the pension auto-enrolment legislation?
- When will they begin and when will your company have to act?
- Can you begin sooner, thus avoiding the inevitable rush, and benefitting from remuneration models due to end in 2013?
- What are the alternatives to NEST?
- How should we manage auto-enrolment?
Identifying exactly what your pension requirements are, will be key to making the correct decision. For instance, employers can choose to offer a valuable pension benefit in excess of their minimum legal obligation. Alternatively they may choose to fulfil their legal obligation only. Some may wish to opt for a combination of both.
Discussing your requirements for the scheme at the outset will definitely help define the best route for you. This route need not be NEST, however NEST may be a suitable option for you.