Friday, 6 September 2013
Griffins Financial Solutions Ltd: How to avoid a £10,000 a day fine from The Pensions Regulator.
Every employer in the UK now has a legal responsibility to help its employees save for their pensions. By the end of 2014 all businesses with 59 or more employees and by October 2018 all employers will have had to enrol eligible staff into a qualifying pension scheme and this change will come at significant cost– above and beyond just the increase in employer pension contributions.
For the larger firms, managing such a pension auto-enrolment scheme will draw on the valuable time, budget and expertise of their established pensions, payroll, IT and HR departments. However, many small and medium-sized businesses (SMEs) have neither the administrative infrastructure nor the resources to oversee such a resource intensive over-arching project.
To meet this need, the team at Griffins Financial Solutions, the Chartered Financial Planners and IFA, is now offering a new service which co-ordinates the whole process under one roof by one specialised team.
As an employee benefits and pensions consultant, Griffins Financial Solutions understands the needs of a business and its employees. It knows that, to meet these needs, it is first essential to put in place the right qualifying pension scheme and processes. To achieve this, Griffins will review a business’s current pension arrangements, inform the business of the financial impact that different pension schemes may have and research the market for the right pension plan and provider. Once chosen, Griffins will set up any new scheme and take care of the required employee communications.
To ensure full compliance with current pension legislation, Griffins will also review and, if necessary, suggest amendments to the contracts of employment. Furthermore, Griffins will review present payroll arrangements to ensure that they can handle the auto-enrolment process and liaise effectively with the pension provider or provide its own integrated payroll solution.
Griffins Financial Solutions’ new single source fully integrated pension auto-enrolment service provides a web-based solution that works with both the payroll system and pension provider and will administer online reporting whilst ensuring ongoing compliance. It also keeps records for at least six years to comply with legislation.
Dion Prideaux-Reynolds from Griffins is a benefits specialist who has put together the unique package. He said: “Pension auto-enrolment can be a headache for small and medium-sized businesses.
“Griffins Financial Solutions can set up and help you administer your chosen pension scheme, with full compliance to the new pension legislation, leaving you to concentrate on running your business and helping to avoid the substantial fines of up to £10,000 per day for non-compliance.”
Picture caption: Dion Prideaux-Reynolds, Employee Benefits Manager from Griffins Financial Solutions