A new online ‘Pension Solution’ service has been launched today (Monday, October 19) to help guide small businesses through automatic enrolment for the first time.
It’s been created by the Pensions and Lifetime Savings Association (PLSA) and offers a step-by-step guide for busy employers, covering what needs to be done by when, how much it will cost and which employees need to be enrolled.
It also offers a pensions provider comparison service to help businesses rate and choose a supplier.
Lesley Williams, chair of the PLSA, said: “The PLSA knows pensions inside out – our largest members were the first to tackle Automatic Enrolment so we’re familiar with the problems businesses encounter on the way and we also know the solutions. We’ve used our expertise to create Pension Solution, designed purposely for small businesses to make automatic enrolment simple and straightforward for them, and to make sure it really works for them we are also letting them add their own experiences and views on providers.
“Small businesses employ millions of people1 in the UK and we want to help all those employers and employees get a great workplace pension scheme in place. I know from personal experience it can be tough rolling out Automatic Enrolment to your employees for the first time, even in a big company, and small businesses are just as busy and often have less experience of running a pension scheme. Pension Solution gives small businesses the know-how and the tools they need to tackle automatic enrolment confidently and successfully.”
Baroness Altman, minister of state for pensions, said: “I’m delighted to see the PLSA launch a new initiative to help employers manage automatic enrolment. We need Automatic Enrolment to be as straightforward as possible, which is why I have been working with the Pensions Regulator on new initiatives to help employers fulfil their duties and comply with the law.”
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