With over a million small and micro businesses facing their workplace pensions staging dates (the deadline to comply with the new pensions laws), the national regulatory body has unveiled new guidance to help employers choose the best pensions offerings.
The Pensions Regulator (TPR) has updated its online suite of information and tools, aiming to make it as straightforward as possible for small business owners to find the help they need when choosing a good quality pensions scheme for their business.
Automatic enrolment has been introduced by the UK government to ensure all employers comply with the workplace pensions laws. The new pensions laws require business owners to provide and contribute towards a pensions scheme for their employees by 2018. Research by TPR suggests that at least one in five employers will not seek the advice they need when choosing a pension scheme, while one in ten do not know how to select a scheme, or think it will be difficult.
With this in mind, the new refreshed site content on TPR’s website includes information to help employers find a scheme including, for the first time, a list of ‘master trust’ pension schemes open to employers of all sizes, and which have been independently reviewed to help to demonstrate that they are administered to a high standard. In addition, a quick guide for small and micro employers on what to look out for when choosing a scheme suited to their needs. The information can be found here.
Lesley Titcomb, chief executive of The Pensions Regulator, said:
“I strongly believe that the vast majority of the 1.3 million small and micro employers approaching automatic enrolment want to do the right thing. However, many will choose not to seek advice and will need additional support to meet their duties. We are committed to providing them with the information they need to make confident choices when it comes to choosing a quality scheme for their employees. My message to employers is clear: prepare early to make the most of the wealth of support available on our website. We are here to help.”
If you’re a small business owner facing your staging date, read our 5 tips for streamlining and simplifying the process.