Workplace Pension Schemes - we are all in it together
Karren Brady is in. So is Theo Paphitis. But no, we’re not talking about the BBC office party – it’s that Workplace Pensions TV advert that’s been doing the rounds for some time now, promoting the new regulations surrounding company pension schemes.
Sprinkled with ‘celebrities’, the advert does a commendable job of explaining the new rules to Britain’s employees, many of whom will soon (or have already) become automatically enrolled under their company’s scheme.
But it doesn’t address the employers, who are now legally required to set up and contribute to a workplace pension for their staff.
Indeed, employers simply trying to fulfil their new obligation can find it difficult to track down the details and deadlines anywhere – while others, content that the requirement is still some years off, aren’t even looking yet.
But to fail to prepare is to prepare to fail, so many workplace pension providers are recommending that businesses get their affairs in order as quickly as possible. Not least because as the deadlines approach, scheme providers expect to be inundated with requests – and potentially unable to fulfil them all ahead of the cut-off date.
Staging dates for company pension schemes
Your cut-off date depends on the size and structure of your business, with large-scale companies boasting thousands of members of staff having already passed their deadline. This staging deadline calculator shows you when your deadline kicks in – it could be anything from next week to four years’ time!
Employers can expect to receive a reminder letter twelve months prior to their deadline, but why delay the inevitable? Start making enquiries as early as possible, and ensure that you don’t get tangled up with all the other business rushing towards pension scheme providers at the last minute.
The first step is to compare company pension scheme providers via QuoteRack. QuoteRack puts you in touch with a number of financial specialists that can help you set up your scheme well in advance of deadline, at the lowest possible cost to your business.