So you’ve got plenty of time to sort out Auto Enrolment? Bad news. You haven’t.
Doors are already slamming shut on Auto Enrolment pension schemes. 77% of Independent Financial Advisors (IFAs) predict that more and more pension providers will close their schemes to businesses with under 30 employees. Many pension companies are already adding additional charges for employers.
And when that happens, Auto Enrolment is going to get ugly, competitive – and very, very expensive.
As tens of thousands of businesses start panic buying pensions, those same IFAs will cherry-pick the businesses they want to work with.
And if your business is too small, they won’t help you – or they’ll put the thumbscrews on with massive hikes in their fees.
It’s because they know you will face a stark choice. You can either pay through the nose to set up a compliant pension scheme or you do nothing and face massive fines from The Pensions Regulator.
Businesses are already hitting the rocks over this issue. One major company has been stung for £143,000. We’ve heard of a payroll manager for a small firm who was asked to set up an AE pension scheme. Unfortunately, she signed up with a pension company that wouldn’t accept fortnightly contributions to tie in with the company’s payroll. She ended up in tears and the only way she could solve the problem was by changing the company’s payroll to a weekly one. That took her a lot of extra hours and needlessly pushed up costs.
So make sure you give yourself time to find a pension that meets your business needs and matches your payroll. If you don’t, you are storing up major problems. No choice. High fees. No time to solve mistakes.
The longer you leave it, the more pension schemes will be closed to you. And the higher your costs will soar.
It’s a minefield out there, but we can help. We can show you how to fix your Auto Enrolment woes in less than 30 minutes. And our advice won’t cost you a penny.
After all, you’ve got nothing to lose by asking for our expert help. You’ve got a lot to lose if you don’t.
So call us today on 0800 6520 025. We’re ready to help you.