We believe all companies want this approach

How much are you prepared to pay to make the problem go away?
Every company I have talked to would rather pay a fixed monthly fee so that they can budget.
That’s why the Workplace Pensions Online business model is designed around no initial fees and a small monthly amount based on the amount of people in your pension scheme.

You will get your hand held all the way through the process:

• We give you a spreadsheet
• You fill in the spreadsheet with employee data
• We visit you on site if required to talk to staff
• We register your scheme with our chosen provider
• From your staging date, you start paying monthly fees and pension contributions

For more information call us on: 0121 636 0939

Many hundreds and thousands of companies will soon be receiving their reminder notices

As a result of the workplace pensions and Auto Enrolment regulations, those employers employers that cannot justify their own Personnel or HR departments will to need some help with these new regulations now, and over the next few years.

Where are you going to go to get the assistance you require?

Talking to some of my current clients and also many other smaller companies this year, it’s true to say the government campaigns raising awareness of Workplace Pensions are beginning to take hold.

Many hundreds and thousands of companies will soon be receiving their reminder notices

So lets imagine you have had a letter drop through your door saying that you have a year before your staging date (that is a year before you have to have your pension in place).  Where do you start, are you going to do it yourself. are you prepared to pay somebody to help you? In pretty much all cases it would be nice to have all the answers but in reality it’s just not possible.  I don’t believe, many company owners want to read the 250 pages of legislation, or have employees that they can assign to carry out this duty on top of their other work.  What they want is for someone else to deal with this problem for them.

So where do you go?

Find an alternative solution to doing it yourself

Anytime you rely on another person or firm though, you first have to know and trust them.  You must be satisfied they’ll provide a service which will strengthen your relationship with your client and is delivered professionally and priced correctly. No doubt your first point of call would be either your accountant or financial adviser.

I have had many companies get in contact with me after going around this loop.

Your accountant is not interested in looking after this.  It’s a fact of life.  All accountants I have met are looking for a company that they can recommend to their clients.  They are in the same boat as yourself.  Some already have relationships with financial advisers but have not been involved in developing a proposition for smaller companies.

Most financial advisers are not interested in implementing Workplace Pensions because the are used to the old fashioned model of only caring about the directors pensions (because they are worth lots of money), and do not have a way of effectively looking after the rest of the workforce (because they typical do not have large pension pots).  The ones that are will in the vast majority of cases want to charge big up front fees, which are totally inappropriate for smaller companies.  I have in the past week talked to two financial advisers that say they will help, and they are charging £4500 and £5000 initial fee.  None of my prospective customers want to pay this and its here that I pick up most of my business.

Accountants, Bookkeepers & Payroll

As a result of the workplace pensions and Auto Enrolment regulations, accountants are the front line for employers to go to for help with these new regulations now, and over the next few years.  Some of your customers may have even asked you what the new regulations are all about?

Indeed talking to my own accountant and a many others this year, it’s true to say the government campaigns raising awareness of Workplace Pensions are beginning to take hold.

Do you know what your response to the questions from your clients about Workplace Pensions will be?

As in all cases it would be nice to have all the answers but in reality it’s just not possible.  If I get asked a question on tax I refer it to an accountant.  If I get asked a question on wills and trusts then I would point my client to a solicitor.  I don’t believe, based on the research I’ve done, many accountants want to read the 250 pages of legislation, help their clients implement a workplace pension and then maintain it.  What they want is for someone else to deal with this problem for them.

Find an alternative solution

Anytime you rely on another person or firm though, you first have to know and trust them.  You must be satisfied they’ll provide a service which will strengthen your relationship with your client and is delivered professionally and priced correctly.

There’s also the question of timing.  If the companies you look after have less than 30 people it’s likely they’ll not need to start their scheme until 2016 or 2017.  I’ve heard many companies talk about dealing with the new regulation when they have to.  I truly believe this will be one of the biggest mistakes they can make.  The tidal wave of employers who will need to comply at the same time will create a real bottle neck of advice that will be incredibly difficult, if at all possible to deliver on.  If, however, employers act now they can plan for the future and avoid the logistical nightmare and subsequent fines for not complying.

The issues for not acting now

The problem has been that complying with the new regulations is assumed to be too costly for many and the company owners and their accountants aren’t really sure what’s expected of them.

At WorkpIace Pensions Online we’ve already carefully considered and researched the issues, and I’m happy to meet with you and discuss how we provide a practical, value for money approach to help your clients implement their pension scheme.

We already have several schemes on board.  They’ve signed up because we get them to a point where they are ready to start their scheme well in advance of their staging date.  Contributions don’t begin before their “staging date” but they know everything is ready to go, they have somebody to guide them and as a company they can budget for this implementation in advance.

For an accountant I believe this is a great way of answering the inevitable questions that will occur over the next few years.  Get in touch we’d love to help you with your Workplace Pensions headache.