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Pension Reform Law has arrived . . . and if it has not already, it will cost your business money!
In 2001, the Government introduced Stakeholder pensions in an effort to stimulate an increase in pension scheme membership within the workplace. It did not work. There are thousands of designated company Stakeholder schemes receiving no pension contributions from either employer or employee.
So, just seven weeks after the closing ceremony of the 2012 London Olympics, we saw the birth of this Government's new workplace pension Auto-Enrolment. This replaced Stakeholder. All 'eligible jobholders' must be auto-enrolled into a pension scheme. Employer Auto-Enrolment 'staging dates' are being phased in dependent upon size of workforce.
Who are 'Eligible Jobholders'
The Pensions Regulator has substantial powers and failure to comply with the rules could result in fines of up to £10,000 daily.
Employers are quickly starting to realise that the time, effort and costs involved in complying with the auto-enrolment legislation will be far more onerous than simply paying the few hundred pounds it cost them to apply for a Stakeholder Designation Certificate.
In these challenging times, most people running a business are far too busy to devote time to tasks such as reading the 240 pages of detailed guidance on The Pensions Regulator website.
Can anyone help?
The Ward Williams Financial Services Ltd Auto-Enrolment Service can help take most of the auto-enrolment work off your hands, so you can carry on your day-to-day business with minimal disruption and the peace of mind that your company will not face any fines.
Why Ward Williams Financial Services Ltd.
We are the Independent Financial Advice company for Ward Williams Chartered Accountants.
We help their corporate clients establish efficiently run pension schemes. The increased level of monitoring and processing required under auto-enrolment is going to test the core functionality of many payroll systems. Working alongside accountants gives us valuable access to knowledge and experience in this area.
Our Pension Auto-Enrolment Service includes:
INITIAL REPORT: outlines your obligations and duties under the auto-enrolment rules and gives you an indication of the likely cost of compliance to your business. This report will be prepared on a fixed fee based upon the size of your workforce and structure of your company.
PENSION AUDIT: a review of any existing company pension arrangements to ascertain whether these meet the auto-enrolment criteria. Whether or not you currently operate a company pension scheme, we can help you decide the best way forward.
RECOMMENDATION REPORT: a comprehensive report to include clear recommendations and detailed costs of scheme implementation and maintenance.
Ward Williams Financial Services Ltd will:
AUTO-ENROLMENT WILL AFFECT YOUR BUSINESS.
WARD WILLIAMS FINANCIAL SERVICES LTD ARE HERE TO HELP.
WHAT TO DO NEXT
An initial consultation can be arranged free of cost or obligation to your company.
Please call 01932 830664 to arrange your consultation with one of our pension advisers.
Alternatively, please email email@example.com confirming your interest and one of our advisers will call you to arrange your consultation.