Business Pension Auto Enrolement

fugglestick

I am on the hamster wheel of the new employee pensions supply scheme with the Pensions regulator, and basically the FSB offer a £400 quid setup and procedure with the Scottish Widows as their preferred pensions supplier.

Not wishing to re invent the wheel, has anyone been down this route viz.

Its worth it?
Value for money [Jimmy Young VFM for those old enough to remember it...]

OR...[big distrust kicking in here], get an external IFA to sort it?

Basically my career is electronics design not pensions.!!!!!!

I KNOW the government is creating yet another tax and scheme they can plunder in the furure, yes I am old enough to remember the thievery gone by.... but hey as per my opening sentence.

Thanks Guys and gals...

dunstonh

To be honest, I am a little lost at what you are saying. You say you are work in electronics design but have some connection with the pensions regulator and whoever the FSB is and that your employer offers Scottish Widows but will also allow you pick your own provider at a cost of £400.

Can you clarify, are you the employer, the employee or what?

Ruthy1604

If you're the employer, you can set up a pension scheme that meets the rules with Peoples Pension for free. I've just set one up for my employer & it was easy. £400 saved.

sandsy

Do you mean this:


http://www.fsb.org.uk/pension-scheme

fugglestick

dunstonh wrote: »

To be honest, I am a little lost at what you are saying. You say you are work in electronics design but have some connection with the pensions regulator and whoever the FSB is and that your employer offers Scottish Widows but will also allow you pick your own provider at a cost of £400.

Can you clarify, are you the employer, the employee or what?

Sure....my career is in electronics, thats where my everyday bread and butter comes from. Tell me what you want and we will make it, but I belong to the FSB, [Federation of Small Businesses] and have done for many years. They offer a managed enrolment/process for the new Government pensions fund about to come into force. [by law]. Their charges [FSB] are about £400 to basically take you through the process and create a pensions theme and plan for your company/employees. Their [FSB] preferred pensions supplier seems the be Scottish Widows.
My question is, based on findings from others who have more knowledge than me, is it better to hop onto the FSB offer for £400 and an annual fee or go down the route and do it all yourself.?

Ta

xylophone

You are an employer with a small workforce and have reached your staging date?

fugglestick

xylophone wrote: »

You are an employer with a small workforce and have reached your staging date?

Yes, Staging date is Oct. 2016. Just nominated and planning ahead.

The FSB could, it appears potentially save me a lot of hassle, for a fee......but I have seen this all before over my years in business so excuse me for being cynical.....

I am hoping it may have been sounded out by others as an cost effective method to solve yet another curved ball from the government.

Thanks

dunstonh

They offer a managed enrolment/process for the new Government pensions fund about to come into force. [by law].

There is no Govt pension fund. The auto-enrolment rules are there to ensure employers pay in the required minimums and that schemes meet the rules. They are effectively rules and not actually a scheme.

Their charges [FSB] are about £400 to basically take you through the process and create a pensions theme and plan for your company/employees. Their [FSB] preferred pensions supplier seems the be Scottish Widows.

So, effectively, the are restricted sales agent offering the SW group scheme. Although they say they charge VAT. Yet intermediary business is non-vatable if the intention is to purchase a product that is not your own.

What are the terms of the actual product?
How does it compare to the whole of market offerings?

My question is, based on findings from others who have more knowledge than me, is it better to hop onto the FSB offer for £400 and an annual fee or go down the route and do it all yourself.?

Are you the employer? If so, how many employees do you have?

xylophone

http://www.thepensionsregulator.gov.uk/employers/finding-a-provider.aspx

might be worth a look.