Pensions – Auto-enrol

Share This Post

Like most small businesses we’re aware that auto-enrolment is looming, but as our priorities are geared around what’s happening today, tomorrow or next week – we ‘re only just starting to get the wheels in motion.

Hearing yesterdays’ news around the Government’s plan to cap management fees charged by pension providers to between 0.75% and 1% is food for thought. Without a Pensions department to fall back on, (if only), not only do small businesses have the administrative headache of setting a scheme up, news about this cap reinforces our duty of care to make sure it’s a mighty fine one!
The BBC reported yesterday that pensions Minister Steve Webb said the government would launch a “full frontal assault” on pension fees.

Consumer group Which? said it welcomed the plan for a cap but urged ministers to see if it could be set even lower than 0.75%.

Executive director Richard Lloyd said: “Even a fraction of a per cent can have a significant impact on pension funds, and people need to be confident that their scheme is giving them the best value for money.

“We also need to see tight regulation so these charges can’t simply be hidden elsewhere, and the government should look at what can be done to bring down charges on existing schemes set up before 2001.”

See full article

The Pensions Regulator website gives some useful planning information
So it’s time to get moving: be sure of your ‘Staging date’, find a provider, analyse costs and the financial impact, make sure your payroll is able to cope and keep your employees informed.
And if you really can’t face organising this yourself, or if your payroll isn’t up to scratch get in touch!

More To Explore

join our team
Latest News

We’re hiring!

Finance Assistant (hybrid working) full-time or part-time, Grove Business Park to start ASAP Business Garage is an exciting, dynamic, growing company offering a wide range

bookkeeping for a start-up

Top tips: bookkeeping for SMEs

Setting up and running your own business is extremely exciting but if you neglect your bookkeeping, you run the risk of your business failing. Business

Book a free, no-obligation consultation

Arrange a chat with one of our team

Outsource to Business Garage

Interested in more information or want to chat with one of our team? Fill in the form below and we'll be in touch!

All over the UK, businesses like yours are planning for better times. After a year of disruption and interruption, their focus is on rebuilding as quickly as possible. We can help.

Our five-point REVIVAL plan is designed to help businesses recover lost ground, maximise their profits, and secure their future.

Through our REVIVAL programmes we focus on the following five key areas:

  • Financial management
  • Operations
  • People
  • Digital transformation
  • Marketing

The first step is a complimentary one-hour strategy session that enables us to understand your business and your challenges better.

Following this we will present our action plan.

Fill in the form now tand book your complimentary REVIVAL strategy session.

Outsource to Business Garage

Interested in more information or want to chat with one of our team? Fill in the form below and we'll be in touch!