The context was simple – not enough of the British public were saving for a pension. The Pensions Act of 2008 looked to change all that, and reduce the dependency culture that was likely to emerge from an ageing population with a lack of personal savings.
The ambitious decision meant introducing workplace pensions for every eligible job holder in the country. While there are many out there savvy enough to be in possession of an investment portfolio or bundle of properties, the vast majority need to be saving in a more conventional way – pension schemes.
With the start of auto-enrolment beginning in 2012 for businesses with 120,000, we have now reached the period where companies employing less than 30 staff must begin to prove compliance and start paying into the pension pots of workers.
As with any major overhaul of public policy, there are pinch points which crop up. For smaller business owners especially, who are often time-poor and under-resourced, there is a need for clear and concise guidance and advice. That is where we hope we can be of assistance with this digital guide.
In partnership with The Pensions Regulator, our goal is to provide steerage in the form of key information and tips from companies which have already gone through the auto-enrolment process – or are in the midst of doing so.
There is no better piece of advice than that garnered from a peer, someone who feels the same daily pains and frustrations as you do but ultimately wants to create a successful business with longevity and the power to enact change.
We’d also like you to feel like you are not alone in the auto-enrolment process. There are organisations like The Pensions Regulator which are there to provide assistance at every step of the way.
Auto-enrolment is a long-term strategy designed to better future-proof the British public’s ability to enjoy a good standard of living after retiring. Businesses large and small have been put in the driving seat of making sure this happens, but each must be careful to make sure adherence is met.
Failure to comply with auto-enrolment can lead to fines stretching into the tens of thousands of pounds – a situation no employer wants to find themselves in. That’s why getting up to speed with the policy early, identifying when your staging date is and then asking yourselves the right questions to find the most appropriate pensions provider is essential. We hope this digital guide helps you through the journey.
If, as the owner/manager of an SME, you’d like further guidance on auto-enrolment then visit The Pensions Regulator website, where you’ll also be able to discover your personal situation through its Duties Checker system.