Auto-Enrolment is Coming: A Blog About Pensions1 SEP
Being a small business, our auto-enrolment date for pensions isn't until the start of next year. Nevertheless, Katie and Simon were keen to offer a pension to all their employees before then. So, at the beginning of this year we met with Tom Hughes from Pen-Life to discuss our requirements.
Following our meeting, Tom searched the market for the right pension scheme for us and came back with one called The People’s Pension. The People’s Pension is compliant with all the Auto- enrolment requirements, which will make life a lot easier for us when our ‘staging’ date comes around. Tom held individual consultations with all members of staff to make sure everyone understood how the pension would work and help each of us set the right level of contribution to meet our needs.
I have to say I was quite nervous about setting and administering up the scheme. I had visions of us all being terribly poor in our old age due to some tick box error made when I set the pension up! However, it all went swimmingly. Tom provided me with training on the software and the system is really easy to use. Once everyone was enrolled, all members received information packs directly from the People’s Pension through the post and since then we have had another member of staff join the scheme. So all is good.
It’s good to know we are ahead of the game when it comes to Auto-enrolment and hopefully we will all be less poor in our old age!