The Pension Regulator publish guidance on choosing a pension scheme
The Pensions Regulator (TPR) have stepped up their support for auto enrolment of small businesses by publishing more detailed guidance on selecting a pension provider.
The move towards helping small businesses to choose their pension provider will be a welcome one as it is understood by TPR that the majority of businesses left to stage, are unlikely to be fully rehearsed in the discipline of payroll and pensions.
Making it easier for businesses to understand which pension provider is the right one for them will mean that there is an increased likelihood of compliance as we started to see around 1.3 million businesses stage between now and 2018.
For the first time, TPR have included in their “Finding a provider” section of their website, a list of pension schemes that have a master trust assurance. This means that the pension schemes listed there have said that they are available and open to small employers for auto enrolment into workplace pensions.
The main two listed are NOW: Pensions and The People’s Pension. There is a more complete list but not all providers on it may not be open to all employers.
There is also further information about the government’s pension scheme; NEST. The National Employment Savings Trust (NEST) has been established by the government and is obliged to accept all employers that join it.
There is also further information available on the website about what things that you need to consider when finding a pension provider. This includes things such as if the scheme can be used for auto enrolment and also what associated costs and charges there are.
In addition to this, there are a couple of guides that you can download and print off to help you in your search for a pension provider.
With the government pension scheme NEST, they have recently announced the winter arrival of NEST Web Services which will integrate with the IRIS AE Suite™ to make the transition of uploading pension output files as seamless as possible, eliminating the process of exporting and uploading different files to NEST.
The IRIS AE Suite™ automatically assesses employees for eligibility into a pension scheme as well as publishing payslips, P60s and pension communications electronically to employee’s secure online portal.
You can find out more about the IRIS AE Suite™ with a free demonstration: