Auto Enrolment & Final Salary Pensions

The landscape for company pensions has changed dramatically over the years and this has been exacerbated by the recent pension reform with the advent of Auto Enrolment.

Depending on the size of the business all employers with have to automatically enrol certain employees into a qualifying workplace pension scheme and your employer contribute to it. The rules came into effect in October 2012 for larger employers, with further staging dates over the next 5 years depending on number of employees in a firms PAYE scheme. See leaflet

This obviously could have a massive effect on a firms profitability especially if they have not previously funded employee pensions, with the new legislation making this mandatory for qualifying employees who decide to opt in. Whilst for smaller businesses the “go live” date maybe 5 years away, it is imperative to plan now to ensure that you have a “qualifying workplace pension scheme” in time for your staging date. Find out your staging date here

Here at MGS Financial we specialise and are qualified to give expert advice in this are and are regularly helping businesses look at their responsibilities and readiness for the new legislation and to highlight any shortfals in current planning. We can also look at your existing scheme any help you understand whether it will meet the new “qualifying” rules or whether a change is required.

We regularly conduct employer workshops to give information and advice to businesses of all sizes to ensure transition into the new regime is as smooth as possible.

Some useful information for employers can be found by here with A beginners guide

Final Salary Schemes

We also have experience in the restructure of final salary pension schemes with a full assessment of their current status plus a review of the options available including Trasfers Out, Buy ins and Buy outs.

Gareth Reynolds, holds the AF3 qualification and can be deemed a Pension Transfer Specialist and is qualified to deal with all related pensions work in these schemes.