Auto Enrolment is the new pension reform being introduced by the Government. Starting in October 2012, enrolment will be phased dependent on the size of your company, with all enrolled by February 2016. However, even if you do not need to act until later in this time frame, you should not confuse this with the need to prepare now.

What is auto-enrolment?

Auto enrolment will encourage all employees to contribute to a workplace pension scheme in an attempt to move away from a reliance on the State pension. This is not another stakeholder, with fines and sanctions in place for non compliance, employers have a real responsibility to ensure that their employees make adequate provision to their retirement income.

The Government gauges that between 5 and 8 million people will be newly saving or saving more into workplace pensions as a result. – improving their lives, and reducing the drain on state resources. Your role is to make sure that your company’s approach to pensions meets the new legislation.

What should you be doing now?

For many businesses, this will be the first workplace pension scheme they have operated for their employees, and for others a mix-match approach over the years may see them with multiple pension arrangements that do not meet the new qualifying criteria.

Either way, burying your head in the sand is not an option and developing the right strategy for implementation will ensure that you are not only compliant with the new legislation, but that auto enrolment has a positive impact on your business and staff.

Our team of Corporate Advisers at Ashcourt Rowan are able to help guide and advise you through this process. Auto Enrolment is not a simple process to set up and there are many different aspects that you need to consider. To help you along the way, we have produced a guide to Corporate Pensions in conjunction with the Institute of Chartered Secretaries and Administrators (ICSA) which includes:

• Step by step guide through the stages and requirements of auto enrolment
• The importance of employee engagement and the benefits that a workplace pension scheme can provide
• Navigating the options – which pension set up is best suited to your business? What is NEST?
• How our team of experts can help you to prepare

To receive your copy of the publication, or to speak to one of our corporate advisers, email corporate@ashcourtrowan.com or call 0845 521 1146