14 Apr 2014

Small employers failing to prepare for auto-enrolment

Small employers failing to prepare for auto-enrolment

Peter Mutch, Corporate Benefits Director says “Choosing the right pensions auto-enrolment scheme is vitally important, as this will have implications for the employees enrolled in the scheme

Peter Mutch, Corporate Benefits Director says “Choosing the right pensions auto-enrolment scheme is vitally important, as this will have implications for the employees enrolled in the scheme.

A worryingly high proportion of SMEs have yet to secure a scheme for auto-enrolment, 98% according to Now Pensions.

It is the latest in a series of reports into the fact that many smaller employers whose staging dates are rapidly approaching are not prepared for the changes they will need to make to implement auto-enrolment.

Also concerning was the fact that 44% of companies have not thought about how they will find a suitable pension scheme for auto-enrolment. This is in spite of the fact that four out of ten recognised the links between offering a good quality scheme and improved employee retention, and a third (32%) believed that it would help them to attract fresh talent.

Smaller employers that have not yet begun to research the market should give themselves enough time to appoint an adviser to help them consider all the available options before making their decision.

Aberdein Considine Corporate offer GOOD2GO a streamlined auto-enrolment solution for small and medium enterprise (SME) employers with staging dates commencing in 2014. It’s designed for employers who want more than basic compliance with the legislation, i.e. they want a solution that will address employees’ priorities and ease the employer’s processes, with consultancy guidance through set up, ongoing compliance and governance beyond.

The solution is ‘decision-light’ for the employer, as various aspects of design are pre-packaged, in particular the choice of pension provider and default investment. This ensures that GOOD2GO is affordable and can be up scaled to meet the demand for pension advice and services arising due to auto-enrolment.

The solution is delivered through a partnership between Aberdein Considine Corporate, and leading pension provider, Standard Life. Aberdein Considine Corporate chose to partner with Standard Life following a selection process looking at matters such as financial strength, reputation, quality of pension scheme, competitiveness of scheme pricing and capability and scalability of systems and processes.

Peter Mutch, Corporate Benefits Director


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