Get the Right Advice - Workplace Pensions and Auto Enrolment

Getting your pension auto enrolment responsibilities wrong can be incredibly costly.

Last year, The Pensions Regulator (TPR):

• Issued 37,100 Fixed Penalty Notices (Fines)[1]

• Issued 12,019 Escalating Penalty Notices (Larger fines)

• Made 405 in-depth inspections (on site visits)

• Used their formal powers 128,807 times

One recruitment agency and its Managing Director, who are not REC members, were ordered to pay £10,890[2] for avoiding their auto-enrolment obligations and misleading TPR by supplying false information.

As REC members, you will know why it matters to comply with the spirit and letter of auto-enrolment legislation. But that’s not to say it is easy.

REC business partner and approved corporate pensions advisers, LEBC Group, have offered to review members’ schemes to ensure:

1. The employer is complying with all its duties on both the scheme and communication with employees.
2. The employer is not spending too much time dealing with problems within the scheme.
3. That member communications are clear, simple and jargon-free.
4. That the scheme is as cost-effective as it can be for both the employer and the employees.
5. That the default investment option is suitable for their workforce and is performing well against its benchmark.
6. That all the current retirement options are available.

An REC member has already used LEBC Group and subsequently changed what they were doing. In the process, both employer and employees made savings on contributions, the employees saved on pension provider charges and the scheme was better communicated, with employees being more engaged. This member has written the following about their experience:

“LEBC Group came to review our existing company pension scheme and processes.  I found their knowledge and expertise invaluable and they were able to deliver the new proposed scheme to all members of staff in a clear, informative and relatable way. The feedback I got from employees regarding the presentation was all very positive and for me in the back office, managing the administration side of things, it gives me peace of mind knowing LEBC Group are at the end of the phone should I need guidance.”

In partnership with REC, LEBC Group offers a free, no obligation audit of your existing auto-enrolment workplace pension scheme. 

For more information on LEBC’s Workplace Pensions Consulting Service please click here or contact andrewmarsden@lebc-group.com.