I AM A SMALL COMPANY WITH 4 EMPLOYEES, AFTER LENGTHY DISCUSSIONS WITH STAFF NON OF THEM WANT TO ENROL INTO A PENSION, BUT THE PENSION REGULATOR HAVE SAID I MUST START A PENSION THEN COMPLETE THE DECLERATION AND THEN CLOSE IT DOWN AS STAFF DONT WANT TO BE IN IT. FIND THIS DIFFICULT TO UNDERSTAND AS THE ONLY PERSON GAINING WILL BE THE PENSION ADVISOR. CAN ANY ONE PLEASE ADVICE
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Yes you do
You don't need an advisor - you can do it all online with NEST - just google it.
Unfortunately the people who set up this do not work in the real world. You need to set up a scheme, autoenroll everyone, your employees then tell the scheme that they do not wish to be in it, they can't tell you. The scheme advises you that they have opted out and you then do the necessary payroll adjustments.
And 3 years later you have to do it all again for these employees, and in between any new employee needs to be autoenrolled.
So don't close the scheme.
Good Luck
Sorry yes
My understanding is yes:
- you have to set it up
- you have to enrol them in
- they then choose whether they want to be in or not.
You don't need a pension advisor, set up with NEST. Their employer helpline is very helpful (separate from the employee one).
You will probably end up using it as just because people say they will opt out doesn't mean they will.
Put the way you have it seems stupid., The reason for this was to prevent (or reduce) unscrupulous employers putting pressure on the staff so they didn't have to go through the admin and pay contributions.
Plus you will need it in place if any future staff want to join.
If it makes you feel any better we have hit it from the other angle. I have staff wanting to join the existing pension scheme but I can't advise them how to opt out of the auto enrolment one so they can.