For those thinking about auto enrolment planning, some timely quotes and advice have been sourced by one of our Directors this week. The quotes and advice are all from small and medium sized businesses within the UK on their auto enrolment experiences.
Elaine Stewart of Longthorne Gunmakers was quoted recently (31.08.16) in a Business Advice article¹,
“Get someone to do it for you…You receive all the facts and options in a clear way, and whilst the employer ultimately still has the compliance responsibilities, a consultant can take care of the necessary detail. It’s good value for money.”
Neil Westwood of Dragon’s Den Magic Whiteboard also told Business Advice² (02.08.16),
“Make sure you speak to someone about your options, and don’t let it creep up on you…. My worry is that the smaller firms with only a handful of staff will leave it to the last minute, so don’t ignore it. Start making enquiries early and seek advice when you need it.”
Megan Stoughton, financial controller at Lucky Voice (the karaoke firm started by Martha Lane Fox, the founder of Lastminute.com) told Real Business³ (30.08.16)
“The process isn’t easy… To be able to fulfil auto-enrolment duties, you’ll need to put a pension scheme in place. It’s important that you choose the right one. There were also far too many available providers and not one advertises the same thing. It’s confusing, no matter how much advice you get given – especially the part where each provider seems to charge their own unique fees. It becomes difficult to pick out what the norm for providers is.
“We didn’t want to merely be throwing a dart at a board, see where it landed and pick that option. So we went to a financial advisor for help. The company helps you plan and implement your pension scheme. It even completes the necessary regulatory reports on your behalf. And, important as well, the company will hold your hand and let go in a gradual process to insure you’re ready for everything on your own two feet.”