{"id":2784,"date":"2014-11-06T11:51:26","date_gmt":"2014-11-06T10:51:26","guid":{"rendered":"http:\/\/sjbealehrconsult.co.uk\/blog\/?p=2784"},"modified":"2014-11-06T11:51:26","modified_gmt":"2014-11-06T10:51:26","slug":"what-are-your-options-for-pension-auto-enrolment","status":"publish","type":"post","link":"https:\/\/sjbealehrconsult.co.uk\/blog\/what-are-your-options-for-pension-auto-enrolment\/","title":{"rendered":"What Are Your Options For Pension Auto Enrolment?"},"content":{"rendered":"
\"pension<\/a>

Source: Free Digital Images\/Stuart Miles<\/p><\/div>\n

If you are a small business the countdown will have begun from January 2014 for your staging date. \u00a0It is therefore very important that you begin thinking about the process as soon as possible. \u00a0Burying your head in the sand will not help and you will face a fine from the Pensions Regulator for ignoring this statutory process with which you must comply. So, what are your options for pension auto enrolment?<\/p>\n

The first thing to do is decide on your pension provider. \u00a0There are various options out there depending on your budget. \u00a0NEST was set up by the government as the default option. \u00a0It does the job if you just want to comply with the law. \u00a0There will be lots of work involved and lots of reading to ensure you comply. \u00a0That is unless you draft in someone who can help. \u00a0Consultants such as myself who have done the process may be invaluable in steering you through the minefield.<\/p>\n

If NEST does not appeal you have the NOW pension or the People’s Pension which are low cost alternatives. \u00a0All three are multi employer pension schemes with a defined contribution – pension pot is built up until retirement. How well the schemes perform is dependent on investment and charges.<\/p>\n

National Employment Savings Trust (NEST)<\/h3>\n

NEST was set up by government to offer a suitable workplace pension scheme for all employers. \u00a0Here are some key facts about the NEST scheme.<\/p>\n

    \n
  • Charges are 0.3% a year + 1.8% on contributions as made.<\/li>\n
  • The recommended investment choice is a target date fund corresponding to the date on which you intend to retire, or you can choose from five other funds if you prefer.<\/li>\n
  • You can carry on contributing to a NEST pension after leaving your job.<\/li>\n
  • self-employed people can also join the NEST pension scheme.<\/li>\n
  • There\u2019s a limit on the amount that can be paid in contributions and you can\u2019t transfer savings from other schemes. Both of these restrictions are due to be lifted in April 2017.<\/li>\n
  • Sharia compliant.<\/li>\n<\/ul>\n

    NOW: Pensions<\/h3>\n

    NOW: Pensions is run by ATP \u2013 an organisation originally set up by the Danish government to provide pensions in Denmark. Here are some key facts about the NOW: Pensions scheme.<\/p>\n

      \n
    • Charges are 0.3% a year + \u00a31.50 per month administration charge. (Until 2018, the administration charge is lower if you earn less than \u00a318,000.)<\/li>\n
    • There is no investment choice, as NOW: Pensions has a single investment strategy.<\/li>\n
    • You cannot carry on contributing to the scheme after leaving your job.<\/li>\n
    • Self-employed people cannot join it.<\/li>\n
    • No limit on the amount that can be paid in contributions (apart from HM Revenue and Custom annual allowance).<\/li>\n
    • You can transfer savings from other pensions at no charge.<\/li>\n
    • Sharia compliant.<\/li>\n<\/ul>\n

      The People\u2019s Pension<\/h3>\n

      The People\u2019s Pension is run by B&CE, a not-for-profit organisation. B&CE has been providing pensions for the construction industry for many years and now does so for all sectors. Here are some key facts about the People\u2019s Pension.<\/p>\n

        \n
      • A single charge of 0.5% a year.<\/li>\n
      • Investment choice \u2013 one of three risk-based profiles, or you can choose your own investments from seven funds.<\/li>\n
      • You can carry on contributing to the scheme after leaving your job.<\/li>\n
      • Self-employed people cannot join it.<\/li>\n
      • There\u2019s no limit on the amount that can be paid in contributions (apart from HM Revenue & Customs annual allowance).<\/li>\n
      • You can transfer savings from other pensions at no charge.<\/li>\n
      • Sharia compliant.<\/li>\n<\/ul>\n

        With regard to charges the People’s Pension comes out best over a period of five years, whereas over a period of 30 years NEST comes out best according to the Money Advisory Service.<\/p>\n

        In addition to these choices there are private pension schemes. \u00a0Employers must work out the best option for their staff and may do so with the aid of an independent financial adviser with access to a range of pension providers or direct with a chosen private pension scheme provider. \u00a0Many advisers now give the option of doing all pension enrolment admin for you, but you must ensure that they actually will do what they promise and their efforts are Pension Regulator compliant before you sign on the dotted line.<\/p>\n

         <\/p>\n","protected":false},"excerpt":{"rendered":"

        If you are a small business the countdown will have begun from January 2014 for your staging date. \u00a0It is therefore very important that you begin thinking about the process as soon as possible. \u00a0Burying your head in the sand will not help and you will face a fine from the Pensions Regulator for ignoring […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[524],"class_list":["post-2784","post","type-post","status-publish","format-standard","hentry","category-pension-auto-enrolment","tag-what-are-your-options-for-pension-auto-enrolment"],"aioseo_notices":[],"yoast_head":"\nWhat Are Your Options For Pension Auto Enrolment?<\/title>\n<meta name=\"description\" content=\"What Are Your Options For Pension Auto Enrolment?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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