If you are an employer with just one member of staff you will be required by law to offer a work based pension. Whilst there are rules for delaying and opting out, the majority of employers will need to set up a scheme within the next year. As most small companies are finding out, this is a complex process with some strict deadlines set by the Pensions Regulator. There are initial fines for missing the date set for your scheme to commence, known as the “Staging Date.”
I have been astounded by some fees being charged by Accountants and Brokers for providing a service to set up a Pension based scheme. A leading payroll provider is charging a flat fee of £1,500 and I know of clients that have been approached with fees of £1,000+. In addition the regular payroll costs are also being increased significantly. The best advice if you know your staging date is to allow sometime to obtain quotes from various sources and avoid a costly, last minute panic.
We are taking a sensible approach to help our customers with fees significantly less than the market rates. Providing good service, meeting deadlines and taking away the headache from the employer. If you have been advised of your staging date and require help, then please get in touch.