The setting up of a Group Pension scheme is not an easy process as all businesses, no matter the number of employees, will need to ensure that their plans abide by the rules – and with The Pensions Regulator’s guidance running to 250 pages, it can be quite a daunting process.
Recent HM Revenue & Customs regulations have shone a spotlight on employers to ensure they are looking after their workforce, no matter the size. Auto-enrolment legislation changes mean that all employers in the UK have a major role to play in providing for their staff’s retirement, and it can seem like a daunting process for many businesses.
The Aston Lark Employee Benefits team can help audit a current scheme or provide guidance when setting up something new. As each employer is different, care needs to be taken to ensure that the chosen scheme is right for the organisation and its employees.
At Aston Lark, we work in partnership with our clients to add value, rather than being just another insurance broker. Our consultants will regularly liaise with Group Pension providers to ensure every client receives a detailed Governance report to monitor the performance of their scheme. And if a client requires assistance, then they can contact our dedicated pensions help-desk operators, who will be able to assist with any queries that they may have about the scheme.
No matter the business size, Aston Lark is on hand to help craft a made-to-measure pension solution. Through consultation with a number of Group Pension providers, we are truly able to deliver competitive and modern benefits that your staff will value.
Despite attempts to simplify the industry – and particularly auto-enrolment – pensions remain a complex issue.
As the new auto-enrolment duties are mandatory for all employers, with effect from the ‘staging date’ determined by PAYE scheme size, it is not the sort of environment businesses should be entering without expert counsel.
Fines have become commonplace for employers failing to meet the requirements, which could otherwise have been avoided by utilising the knowledge and expertise of advisors like Aston Lark.
Furthermore, the responsibility for compliance rests wholly with the employer.