Auto-enrolment pensions - you need to act now!
We hosted a seminar on the new regime for auto-enrolment pensions yesterday, attended by around 20 clients. The speaker was Louise Mitchell of Wilson Mitchell & Co Ltd, a senior partner of St James’s Place Wealth Management.
Auto-enrolment pensions are going to affect every employer by 2017, but the message from Louise was very clear. The pension companies are not going to be able to cope with the sheer volume of new pensions schemes – estimated to peak at around 100,000 per month, and they may end up turning away business. This could mean that you end up with the default NEST scheme for your employees, which might not be in their best interests. If you haven’t already acted to set up your scheme, we suggest that you do it at least 6 months before your compulsory staging date.
If you were unable to attend the seminar, we have a limited number of packs for our clients with the St James’s Place factsheets. Please contact us if you would like a copy.