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Bucks Businesses Not Ready For Pension Changes

Bucks Businesses Not Ready For Pension Changes

Published by the Mix96 News Team at 11:45am 9th December 2015.

Are you one of the 24,500 employers in Buckinghamshire who might not be ready for the workplace pension?

Well pensions experts reckon many small companies just aren't prepared for the changes, which will be enforced from January.

Around 24,500 bosses will have to sign up to auto-enrolment for their staff, but experts say it seems too complicated for many.

A new step-by-step interactive guide for employers unsure how the law applies to them is available at thepensionsregulator.gov.uk/en/employers

Ian Jenkins, pensions expert at RHG, said:

"Too many small firms are burying their heads in the sand and hoping auto enrolment will simply go away.

"The reality is that from January auto enrolment becomes a reality rather than a distant prospect. The good news is there is still time to get it right but it's important to act now."

Small firms risk spending thousands of pounds unnecessarily on workplace pension schemes designed for bigger firms warns RHG.

RHG has launched an off the shelf solution for small businesses that provides straightforward guidance and practical support at a fraction of the cost of previous schemes.

Experts from RHG will set the scheme up and complete the registration process so that all businesses have to do is load up payroll data each month in a fixed format.

RHG has also produced a simple checklist to help small businesses avoid an unwanted visit to the Pensions A&E Department.

  • Agree your approach - decide whether you have the time to go it alone or need help with the different elements involved 
  • Plan ahead - check your staging date online and add extra time for unexpected delays
  • Think time and money - understand how much time and money will be needed for AE and set aside a realistic budget
  • Take responsibility - decide who is going to be responsible for AE in your company
  • Pay attention - ensure your payroll records are up to date and talk to your payroll provider and understand how they can help
  • Don't assume - existing pension schemes are not always appropriate for AE so check it out
  • Set your goals - understand what you are trying to achieve whether that is simply complying with the law or providing a valuable benefit for staff
  • Think about HR - check whether changes to contracts are required and if you need expert help with this
  • Spell it out - agree how best to explain AE to staff and whether you need expert help

For further information visit www.rhgae.co.uk

 

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