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Call Richard Cook: 07770 575 122

email: richard@theinvestmentandretirementcoach.co.uk

Swindon Town FC fined £22,900 for Auto Enrolment failings – will you be next?

Yes, I know the football club got it terribly wrong but this is hard evidence that the Pensions Regulator is taking no prisoners.

Thousands of small/medium sized employers reach their auto-enrolment staging date in the next twelve months by which time they need to have a workplace pension plan in place. This is an imposition I know you could well do without but there is no avoiding your responsibilities.

Don't ignore the workplace pension

I have been convinced right from the outset that this was more of a payroll issue than a pension issue. Having guided one client through the process over the last couple of months I am even more convinced that payroll knowledge and skills are/is what is needed. I was very surprised at how long the process took even for a small group of employees and wished I had bought in  the experts at the outset.

The online providers will try to tell you it is all straightforward and easy. It is not.

My best advice is to get some expert help. Not from your usual pension provider but from someone who specialises in auto enrolment/payroll support.

Here are a couple of specialists you could try:

Auto Enrolment Bureau offer three levels of service depending on your requirements and the size of your payroll. You can find them at:- www.aefasttrack.com

Alternatively if you prefer a more personal, hands on, approach Neil Williams could be your man: www.njwpayrollsolutions.co.uk

If you are looking for guidance about what to do with existing/historical works pension schemes that is where I can help. Just pop your details in the “request more information” box on the right hand side of this blog and hit send.

Seriously there is absolutely no way of avoiding this, however unfair, costly, complicated and time consuming it may be. Take some action today and make sure that you are never on the Pension Regulator’s hit list.

Finally please sign up for blog updates. Even if this one was not that relevant for you the next one may well be.

 

IMPORTANT INFORMATION
This document and our on going services are not personal advice. We'll give you all the help and guidance you need to make your investment and retirement decisions, but we can't advise you. If you're not sure whether you need regulated financial advice we can put you in touch with a suitably qualified and experienced regulated adviser. Because we are not regulated by the Financial Conduct Authority you will not have access to the Financial Ombudsman Service in respect of any complaints. If you use one of the "no advice" on line services to handle investment transactions they will be Regulated and you will have access to the Ombudsman and The Financial Compensation Scheme in respect of their services. The value of investments/pension plans can fall or rise depending on market performance. The Retirement Team and The Investment and Retirement Coach are trading names of Capture Success Ltd Reg No 01825075 Tel 07770575122

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