12 pensions
Make the most of compulsory workplace pensions
Don’t leave employees’ auto-enrolment in workplace pension schemes to the last minute – that’s the strong message from Simon Goldthorpe, executive chairman of leading financial services experts Beaufort Group, which has its headquarters in Reading
This autumn marks the time when many SMEs need to have auto- enrolment programmes in place, and Goldthorpe says it provides a great opportunity for firms to launch a bespoke scheme for the benefit of their staff.
“This is a huge opportunity to create a pensions scheme that reflects the image of the business, demonstrating to employees that they really do care about them and making sure staff are engaged and communicated with, so they understand the benefits,” he said.
“Our main concern is that too many businesses are leaving it too late to address the issue. We’re worried that they will end up with a default pension scheme which fails to provide the best results and may be more expensive to implement, because it will be done at the last minute.”
From October 1, firms with between 1,249 and 800 staff will need to have automatic enrolment in workplace pension schemes, while from November 1, the figure goes down to 500 staff, with qualifying numbers gradually reducing through 2014. The government regulator has already warned that companies who fail to comply will face fines.
“Employers must be very careful that they aren’t seen to give advice to staff or discourage them from joining a scheme. Working with a third party simplifies that process,” he continued.
“We already know there isn’t sufficient capacity in the insurance industry to get all these new schemes up and running and it will get much worse throughout next year as yet more firms come on board.
“Businesses need to realise that they have to spend the money to put a
scheme in place, so why not plan properly, talk to the experts and implement a scheme which is right for them and their organisation.”
Beaufort Corporate Consulting, one of three companies within the Beaufort Group, provides specialist pensions planning expertise.
Its team can not only determine the best plan, but also implement systems, handle administration processes, provide monitoring and audit trails, and answer employee questions via a dedicated helpline.
Launched by Goldthorpe in 2012, Beaufort Group has a turnover of around £5 million and is recognised as a major player in the financial services arena, with clients including Mercedes F1 and Eden Vauxhall Motor Group.
It has a nationwide network of more
Services: • Audit & Assurance • Business Recovery & Insolvency • Corporate Finance • Tax
Sectors: • Not-for-Profit • Financial Markets • Property & Construction • Public Sector
We aim to make our clients stand out from the others
To see how we can help email
info@wilkinskennedy.com, or contact our regional offices: Amersham, Egham (Heathrow), Guildford, Reading, Romsey & Winchester
Wilkins Kennedy LLP
www.businessmag.co.uk
www.wilkinskennedy.com THE BUSINESS MAGAZINE – THAMES VALLEY – SEPTEMBER 2013
than 30 well-established advisers who operate under the banner of the three Group companies - Beaufort Corporate Consulting, Beaufort Investment Management and Beaufort Financial Planning.
Details: Simon Goldthorpe 0118-9879400
sgoldthorpe@thebeaufortgroup.co.uk www.thebeaufortgroup.co.uk
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