“What do I do about my employees for whom I am already providing pensions?” was the big unanswered question from last week’s “Small employers and pensions; a seminar on what you need to know and do” hosted by Richard Graham MP for Gloucester.
Representatives from The Pension Regulator, Nest Corporation, and The People’s Pension gave an excellent presentation which was very reassuring for employers who don’t already have pension plans in place for their employees.
However at question time it became very apparent that information and support for employees with existing pension plans was almost non-existent. To use an existing scheme for auto enrolment has been made virtually impossible. Just take a look at The Pension Regulators guide to making an existing scheme suitable for auto enrolment.
The costs for putting in place a completely new auto enrolment scheme should not be great but I have seen a cost quoted to review an existing scheme with 10 members of £3,500 up front and £2,000 per annum.
Normally I can recommend one or two links to set you in the right direction but on this occasion the help is just not out there. Because every existing scheme and every employer is different I can’t even offer a fact sheet or online webinar.
However, I can offer a no-cost 20 minute telephone conversation which may just put you on the right track. Phone me on 07770 575122 and leave a message if I am not available.
I am horrified that employers who have done the right thing and voluntarily contributed to their employees pension plans have been left with little or no support from The Pension Regulator, or for that matter anyone else, but that was the message from what otherwise was an excellent session. Congratulations to Richard Graham MP for Gloucester for putting it all together.
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