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 an old stakeholder scheme in place which two of the office employees contribute to and a separate personal pension for the two majority shareholders.
Nicholson’s main concerns were:
- Being Auto Enrolment compliant
- How a large take-up rate would affect their profitability
What we did for Nicholson’s:
- Working with the Finance Director we reviewed their personal pensions and stakeholder arrangement
- Considered the level of the company’s payroll and the increased cost of Auto Enrolment (AE) for the next four years
- Put in place a scheme that meant the company met AE requirements and explained the changes to the staff
Benefits for Nicholson’s:
They know the cost of implementing AE for the next four years
Since the changes to the pension scheme there is a greater sense of company loyalty and the retention rate has increased
Auto Enrolment advice is not regulated by the Financial Conduct Authority. The above case study is intended for information purposes only and should not be considered as advice.
