Personal Accounts: What can be done now?

 

The first step for all employers is to understand whether the introduction of personal accounts (personal account pensions) will have any effect on them at all. It is possible that your existing pension scheme will be a “qualifying workplace pension” and will exceed the requirements of personal accounts, in which case only relatively small changes to admin (such as auto enrolment) will be required. On the other hand significant changes may be required. A scheme exemption test will be introduced to allow employers to determine this.

Details on the exact requirements of this test and the criteria to ensure your scheme is a qualifying workplace pension are still not finalised. We are constantly monitoring developments and will be producing a Personal Accounts Strategy Pack for employers in due course. If you would like to receive a copy of this pack, FREE of charge and without obligation please register your details below. The pack will include information on the steps necessary to adjust to the new system. Once you have this information you are free to act independently of if you prefer one of our advisers can then work with you to plan a strategy to cope with, or even benefit from their introduction. Registration is free and you are under no obligation to act on or follow our findings. For queries or further information please contact us.

Company Name:
Contact Name:
Phone Number:
Email Address:
Address Line:
Postal code:
Number of Employees:
Average Salary:
Do you have an existing Pension?	No Yes
Notes
Provider Name Number of Members Contribution Levels Notes