With the forthcoming introduction of auto enrolment from 2012, all employers over time will be required to make pension provision for their employees. These requirements will have direct cost implications both in terms of the contributions that must be paid to NEST or a suitable alternative arrangement, along with the costs of administration.
Whilst the scheme will be compulsory, the real challenge for employers is to ensure their employees understand and place a value on the benefit they are receiving, which can be achieved through financial education and advice.
A well designed and implemented benefits package is a crucial factor in the recruitment, retention and motivation of employees at all levels. Whilst traditional benefits solutions are focused on product provision, this alone without consideration of employees wants and needs, competition and communication / advice results in a disappointing outcome for the employer from money spent and a wasted opportunity.
The benefits of our Pension Reform Service include:
Cost - a clear charging structure giving certainty of cost for the service, both initially and ongoing
Expertise- access to guidance and advice from qualified and experienced pensions experts
Existing Provision Review Service - a review of any existing pension or benefit arrangements can be undertaken in the context of future requirements and costs
Informing- provision of an initial report detailing the current requirements of the legislation and the implications for the employer in relation to the auto-enrolment of employees and pension contribution obligations
Alerts - as developments take place leading up to commencement for the employer, email alerts will be provided to keep them up to date
Helpdesk- access to our Pension Reform e mail Helpdesk (pensionreform@lucasfettes.co.uk) which can be used to gain answers to the detailed questions that will arise as employer's start to consider their auto-enrolment approach
Deciding - as the employer approaches their auto-enrolment date they can receive a personalised report covering their employee population, payroll and existing pensions arrangements. This will include specific details of the employer's auto-enrolment and contribution obligations with a recommendation as to how these may be best met in terms of pension scheme provision
Implementation services - if required, assistance in communicating arrangements to staff as well as establishing payments through payroll and joining employees to the pension scheme.
Ongoing Services - the employer will continue to receive email alerts to keep them up to date with future changes and developments along with continued access to the email Helpdesk. They will also have the option of annual reports covering all aspects or just pension cost implications.
Pension Reform Bulletins & Quick Guide
We have produced a series of pension reform bulletins and a quick guide for trustees to help employers and trustees understand the forthcoming changes. View them here.
For a full review of your current arrangements or for further information about Lucas Fettes and our pension services, please either request a call back, use our enquiry form or email us at pensionreform@lucasfettes.co.uk
