If you have already taken care of Auto Enrolment or have no employees please do not read any further.
Assuming you are still reading, it has recently been announced that one of the major Government backed Auto Enrolment pension providers is to introduce set up charges of £500 from 20th November 2015. I would anticipate that other providers who currently offer free services will follow suit.
I therefore feel that this is an opportune time for you to take some immediate action because it is still possible to register but not activate your scheme and avoid this charge. I have done some investigatory work and suggest that if you are going to take action then you have three possible alternatives:-
- We have an arrangement with a firm of financial advisers that will arrange for the set up and activate your scheme, including advice to employees, for a fixed fee starting from £750.
- We will register you with a Government scheme for a fee of £350 but cannot execute the scheme or provide any advice at all.
- You can of course register yourself prior to the deadline.
If you are a company where the only paid employees are directors then it is possible for you to be exempt from Auto Enrolment but we would strongly recommend that you do not do this without taking prior advice.
If you would like to discuss this in any further detail please do not hesitate to contact Karen Greenfield.