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From 2012 for the biggest companies and 2016 for all existing employers, it will become compulsory for employers to pay into a pension scheme for almost all their employees (those over the age of 22).

You can join the Government pension scheme (NEST) or choose your own pension scheme.

All employees must be entered into the pension scheme within 3 months of starting employment. Employees will automatically be enrolled into the scheme, but can opt out if they wish.

The level of employer contributions will start at 1% eventually rising to 3% of employees mid band earnings by 2017.

NEST Considerations

  • Using your own pension scheme allows you to outsource the admin responsibility
  • Using your own pension scheme allows reduced National Insurance costs through salary exchange – not available through the government scheme
  • If you have no existing pension scheme then you are obliged to implement the NEST Scheme which offers limited investment options, no transfers in or out of the scheme and a cap on total annual contributions

Blackstone Financial Management Ltd will be able to advise the start date specific to your company and undertake an audit to project your costs, secure an appropriate Pension Provider and help you through the maze of legislation to ensure you implement your scheme on time and in line with the Pension Scheme Regulators requirements.

The earlier you start planning, the better chance of a remuneration strategy being in place to match your increased costs.

For more information on Auto Enrolment and its future implications, please contact us as we would be happy to help.

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Whether it is Death In Service cover, Critical Illness protection, Private Medical insurance or a Flexible Benefits Package -Blackstone Financial Management Ltd can help you choose the type of scheme that will most benefit your employees and identify the most cost efficient providers of that cover.

By working closely with Employers we take away the administrative burdens that can be associated with group schemes. To ensure that you receive the very best attention an individual administrator is assigned to each employer as a single point of contact. This means that he or she is familiar with your circumstances and in a position to help if needed.
We visit with the Companies we look after on a regular basis and conduct individual joining meetings with every employee who joins a company. We ensure that the new employee fully understands his/her options in and fully appreciates the value of it.

We will not simply send out joining packs and expect the new employee to read through endless literature and potentially make critical decisions based upon limited knowledge. Where your employees are spread through, the country we will arrange to visit every one either at home or their place of work in order to ensure that they understand the value of the benefits on offer.

Many Group benefits are reviewed annually. At the review date, we provide a full and concise overview of the costs of renewal together with market comparisons so that you can see clearly any alternatives available. This way you ensure that not only are costs kept to a minimum but also that your group benefits are just as valuable and efficient in future years as they were when first implemented.

In order to arrange or a visit or simply chat with a member of our team call us on 0161-482-8285.


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