Nicholson’s – Auto Enrolment

Nick is the Managing Director of a company and employs a mixture of permanent and contract staff, typically about 45 people.  There is a current workplace pension which most people have joined, but the company has also agreed to pay into employees’ existing personal pensions. The administration is causing additional work for the company, particularly when salaries change.

Nicholson’s main concerns were:

• Being compliant with Auto Enrolment
• Determining how to only offer one pension for all employees
• Ensuring the plan charges would be no more than the current workplace pension

What we did for Nicholson’s:

• Working with the Finance Director, we reviewed their current pension arrangement.
• We spoke with the employees who were not part of the main scheme and explained the benefits of joining and how they may be able to consolidate their old pension to it.
• We looked at the potential saving of salary exchange.
• We defined a scheme so the company was compliant and more competitively priced; and, we explained the changes to the staff.

Benefits for Nicholson’s:

Since the changes to the pension scheme, there is a greater sense of company loyalty as employees appreciated the time spent going through this process.  Employee retention has increased.