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Struggling with the concept of bringing your staff into the pensions fold? If the real meaning of ‘auto’ is all Greek to you, Springfords have some advice, and all you have to do is auto read these few lines.
As hot topics go, this one should carry a warning for employers as blatant as a take-away coffee cup. Get this one wrong, and your fingers will be well and truly singed.
OK. Scare tactics over. Let’s get down to some asbestos-wrapped basics.
If you’ve only got a vague notion that Auto Enrolment is just another 'get us to do the government's job' scenario, along the lines of VAT in the 70s, you’ll at least be on gas mark one. However, when it comes to cooking up the necessary recipe for dealing with this fiscal pot boiler, you’ll need to keep a lid on things, or end up with the sort of mess even the cillit bang man would think twice over tackling.
You don’t need to feel you’re alone in presiding over a kitchen sink drama that would leave Alan Bleasdale stuck for words, and Gordon Ramsay running short of expletives. As reported recently in the Daily Mirror, a commercial survey has found that many firms are still unprepared for these new rules, which require businesses to provide a pension for their staff, rather than merely encouraging staff to make provision for their own retirement.
So, if you fall into the millions of employers who really do have to take notice of the new rules, this could be an expense and a headache you could do without. Around 40% of businesses have yet to grasp that Auto Enrolment will be an overhead in time, effort, and maybe several thousands of pounds too.
If your head is hurting, and well it might - Springfords have an aspirin for that. We’re on top of what action you need to take and what you need to know so give us a shout. Or you can make a visit to http://www.thepensionsregulator.com to get the low down.
There have been some scary stories about businesses saying they might have to cap staff remuneration and benefits to meet the new rules. We say, with a spot of planning and a word with us, the new rules need not affect your competitiveness in the staff marketplace, nor should they impact materially on your business either. In fact, get your recipe right and you could serve up an even tastier incentive to staff - making your business the place to attract talent.
All that might seem like cheerleading for a brand new set of responsibilities. We’re not necessarily shaking our pom poms just yet, but we do always think you can make an opportunity out of a challenge. So, even if it all seems rather hands on for an automatic scheme, maybe we can get together and use that self-control to self-advantage. Auto Enrolment could be a self-driver to success. We think even former footballing TV chefs would swear by that.