Government asked to tighten rules on Auto Enrolment as rogue providers and unregulated firms take advantage

Automatic Enrolment was introduced in 2012 and this year alone approximately 500,000 small to medium sized companies will be required to sign up with a provider.

Counsell’s statement echoes the concerns of industry insiders who are warning that Auto Enrolment pension providers are too easy to set up. Nick Keppel-Palmer of Husky Finance, a comparison website for pensions, claims “lots of unscrupulous charging” is taking place due to The Pensions Regulator at present lacking the power to shut down unregulated organisations.

Last summer HMRC ordered about 40 firms to stop payments and move to other providers as individuals had been found to be saving into unapproved schemes.

In a climate of skills shortages and with staff recruitment and retention high on the corporate agenda, getting your Auto Enrolment scheme right can have a huge impact on your profitability. If your employees feel valued they are also likely to be more engaged, committed and motivated. Therefore it is imperative that you get your company pension plan set up with a trusted, regulated Independent Financial Advisor (IFA) or provider. We would recommend choosing an IFA based on a referral or, if that isn’t possible, a reliable website such an unbiased.co.uk.

IEP Financial Ltd are experts in workplace pension schemes, and have a team of specialists to cover this area of advice. We have already successfully guided many businesses through their ‘staging date’ and also provide solutions for all employers of all sizes. Please click here for examples of businesses who have used our expertise, and here for more information on the Auto Enrolment solutions we provide.

If you would like to talk with one of our independent financial advisers for further information contact us on 01273 208813 or email [email protected]