Auto-enrolment, employer duties and NEST
The Government's proposed pension reform changes provide advisers with unprecedented opportunities in the corporate pensions market. Prepare your business for the changes now.
From October 2012, every UK employer will be required by the Government to set up a workplace pension scheme for their employees. Employers who fail to comply could be jailed or face substantial penalties of up to £10,000 per day.
The proposed changes provide professional advisers with unprecedented opportunities in the corporate pensions market.
What the changes mean for advisers
Employers need to plan for these changes now - so as to be prepared for the cost and administration impact of the changes on their business.
Key actions that you can take:
Contact your corporate clients who have existing workplace pension provision and review their current pension scheme before 2012 to ensure they meet the proposed requirements.
- Speak to employers now to inform them of their new duties and discuss how you can help them plan for auto-enrolment.
How we can help you
Use our material to contact your corporate clients:
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Your Scottish Life consultant is on hand to help you prepare your business for auto-enrolment and the RDR. So get in touch with your usual Scottish Life contact to discuss what transition steps to consider.
Our flexible workplace pension comes with our award-winning Governed Range of investment options and Group Financial Adviser's Fee remuneration model, which is broadly consistent with the RDR proposals.
Don't get left behind - time to act is now - the new employer duties are now less than 24 months away.
Note: The information provided is based on our current understanding of the relevant legislation and regulations and may be subject to alteration as a result of changes in legislation or practice.