To mark Small Business Advice Week Aviva is sharing its five top tips for SMEs preparing to go through auto-enrolment (AE). The government programme has been rolling out since 2012 and it is now a legal requirement for all employers to offer their staff a workplace pension.
http://www.smallbusinessadviceweek.co.uk/
Around 700,000 SMEs are still due to set up their pension schemes between now and 2018. For some it may seem like a daunting task, so Aviva has come up with five steps employers should take to make sure they are prepared.
1) Make sure you know your staging date. You probably already know it but this is the date by which the government expects you to have your workplace pension set up. For lots of employers this is your very first step and will be really useful in giving you a time frame to work back from. You can find out your staging date here (you’ll need your PAYE reference)
2) Ask for help. The pensions industry is trying to make auto-enrolment as simple as possible, but if you want some help just ask around. Lots of employers have worked with a business adviser, accountant or their payroll provider, plus companies like Aviva can offer support as well. But if you want to complete the process yourself, there is plenty of information available. Downloading Aviva’s guide to choosing a pension provider is a good place to start.
3) Don’t be an ostrich. Putting your head in the sand isn’t a serious option. Some businesses have already been fined for not completing their auto-enrolment obligations. It is a legal requirement for all employers, no matter what size, to have a workplace pension scheme. Start preparing for it as soon as you can and act now.
4) Consider all your options. There is more to a workplace pension than just cost and the priority should be that business owners end up with a scheme that works well with their systems, is easy to run and is positive for employees. It also needs to be able to adapt as the business evolves.
5) Give your employees the chance of a better retirement. A workplace pension is a very attractive benefit that your workforce should be aware of and it can help you retain and recruit valuable employees. Don’t assume that most of your employees are going to opt-out either. Over the past four years roughly 90% of people who have been through auto-enrolment remain in their workplace pension.
Andy Beswick, Managing Director of Business Solutions at Aviva, said:
“It’s great that Small Business Advice Week is raising awareness of some of the challenges facing SMEs.
“For some employers I imagine auto-enrolment appears to be a bit of a headache, but it doesn’t need to be. Following the five steps above and doing some planning can all make the journey much smoother.
“Business owners should also remember that a workplace pension can be a way of retaining and recruiting talented staff, while helping employees prepare for their future.”
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Notes to editors:
• Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers, across 16 markets worldwide
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