08 Feb 2013

Pensions: Automatic Enrolment Update

Pensions: Automatic Enrolment Update

Peter Mutch, Corporate Services Director, discusses auto enrolment, the recent NEST Report on the topic and how their introduction in October 2012 has dramatically changed the pensions landscape for employers and employees.

If you don’t think this affects you or your business you are wrong!

Peter Mutch, Corporate Services Director, discusses auto enrolment, the recent NEST Report on the topic and how their introduction in October 2012 has dramatically changed the pensions landscape for employers and employees.

If you don’t think this affects you or your business you are wrong!

Auto enrolment into an employer contribution pension scheme has come as a relief to many employees who are worried about their post-retirement finances a report by the National Employment Savings Trust (NEST) has revealed.

The NEST report found that 63% of UK employees are in favour of auto-enrolment, despite the fact they acknowledge that now is a difficult time for the economy and for their personal finances.

However, the report also revealed that many employers have failed to give themselves enough time to prepare for auto-enrolment with 64% of employers with between 50-99 employees not yet having confirmed what provider they will use.

Our Corporate Services Department is founded upon our ability to blend expert knowledge with technology and the ability to communicate to ensure that our clients’ benefit programmes:

  • Provide maximum value for their investment;
  • Are understood and appreciated by employees; and
  • Present the minimum of administration overhead.

Although auto-enrolment is a major change; it is an issue that must be addressed by all businesses with more than 1 employee. Whilst some Financial Advisers may lead you to believe that auto-enrolment is a ‘one-off consultancy exercise’ or that the solution is a standalone online or off the shelf product, Aberdein Considine Corporate Services view the provision of an auto-enrolment pension solution holistically and can provide:

  • Consultancy, to help you prepare for the changes and restructure your benefit strategy appropriately;
  • Market-leading technology, to take the administrative strain away; and
  • Proven communication expertise that will allow employers to educate and engage with their staff, to manage the change and keep all stakeholders informed and advised on an on-going basis.

To find out more about your obligations in relation to auto enrolment take a look at our ‘A guide to automatic enrolment and employer duties’ brochure or get in touch at autoenrolment@acandco.com

Peter Mutch, Corporate Services Director


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