FAQ’s
Frequently Asked Questions
If you have a question that is not covered below, please submit it here and we will be happy to answer it for you.
What are the costs involved of setting up a scheme?
What are the costs involved of setting up a scheme?
Costs vary depending on your needs, the size of your organisation, how many employees you have and so on. If you would like to receive a free initial cost analysis, please contact us here and we will provide you with a no obligation ball park figure to give you an idea of what the costs would be for your needs.
Costs vary depending on your needs, the size of your organisation, how many employees you have and so on. If you would like to receive a free initial cost analysis, please contact us here and we will provide you with a no obligation ball park figure to give you an idea of what the costs would be for your needs.
How long does it take to set up a scheme?
How long does it take to set up a scheme?
On average, it takes approximately 6 months from the initial cost analysis, to providing a full report to accepting the proposal and implementation. This of course varies and can be altered to suit your needs and deadlines.
On average, it takes approximately 6 months from the initial cost analysis, to providing a full report to accepting the proposal and implementation. This of course varies and can be altered to suit your needs and deadlines.
What is Auto Enrolment?
From 2012 all UK employers will be required to automatically-enrol all of their eligible employees into a Qualifying Workplace Pension Scheme and pay contributions towards their employees’ pensions. Some existing schemes may count as qualifying schemes, but some will not. All existing schemes will need to be reviewed to ensure compliance with the reforms. Where employers have no schemes at present, they will have to either set one up or use the default scheme called the National Employment Savings Trust (NEST).
From 2012 all UK employers will be required to automatically-enrol all of their eligible employees into a Qualifying Workplace Pension Scheme and pay contributions towards their employees’ pensions. Some existing schemes may count as qualifying schemes, but some will not. All existing schemes will need to be reviewed to ensure compliance with the reforms. Where employers have no schemes at present, they will have to either set one up or use the default scheme called the National Employment Savings Trust (NEST).
Employers will be tasked with the following duties (this list is not exhaustive):
- Employers must register (and re-register) with The Pensions Regulator
- Employers must auto-enrol employees on time
- Employers must give all pre-determined material to employees at the appropriate times required by the legislation
- Employers must re-enrol employees (after a certain period) who opt-out following auto-enrolment
- Employers must not induce employees to opt-out of a qualifying scheme
- Employers must give information on pensions to their employees at the point of auto-enrolment, but must not give advice
- Employers must contribute to their employees’ pensions
Any employer failing to comply with their duties may become liable to penalties. It has been suggested that fines for non-compliance will be up to £10,000 per day, depending on the size of the scheme and the severity of the offence.
What is NEST?
NEST stands for the National Employment Savings Trust. This will be the catch all arrangement to be used by employers. In effect this is a pension scheme created by the government. It will allow access to a limited range of investment and no advice to your employees.
NEST stands for the National Employment Savings Trust. This will be the catch all arrangement to be used by employers. In effect this is a pension scheme created by the government. It will allow access to a limited range of investment and no advice to your employees.