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In our last article we addressed some of the employer’s legal obligations in enrolling eligible job holders into a qualifying workplace pension scheme. Amongst the major considerations are when your staging date is and who should be enrolled automatically, but one area that employers tell us can be a significant challenge to them is communicating information with their workforce.
It is important that employees know what is happening and importantly, by when, as millions of workers are being automatically enrolled into workplace pension schemes and they need to understand how much they are required to contribute and when this will begin. It is important to emphasise that the employer cannot encourage staff to opt out of this.
As part of this communication with staff, employers must also let them know what retirement options are available to them, the investment choices available and any costs associated with the pension scheme of your choosing. Some businesses find this a very time consuming task and it can be quite daunting if pensions isn’t an area that you deal with every day.
Recognising this as an issue, many employers are outsourcing this (and other auto enrolment areas) to professionals experienced in workplace pensions. Armstrong Watson Financial Planning are well equipped to help you with this, so please contact one of our Financial Planning Consultants across our 15 office locations.
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