Auto-enrolment is important to start planning if you don’t have a pension scheme in place. It may affect your business because of the rising cost for employers.
Some questions we can answer for you include:
- When will the costs increase?
- What is the cost of becoming compliant?
- Can this be started now?
- How will you manage the auto-enrolment?
- Would you want to use an alternative or NEST itself?
To decide what is best for you, you need to know what you want from your pension. If you choose that you don’t want to exceed more than the legal obligation or if you would like to provide a more valuable pension, then this is something you should be clear on.
You can find the best choice for you by discussing the goals and needs of your business. NEST could be exactly what you need or at least for part of it.
NEST has some limitations. There is a limit on contributions, lack of early year portability and a restriction on fund choice. Because of this, companies may want to avoid it and they can because they’re not obliged at all.
Contact us to discuss and plan these changes further.