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Auto–Enrolment: Will it work? With our help it will.

4th Dec 2015
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ICPA

ICPA is a professional organisation for accountants in practice.

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The work involved in choosing, implementing and maintaining a workplace pension is costly in terms of administration without the direct monetary costs that the business will have to bear with regard to direct employer contributions.

For millions of small businesses this is an obvious burden that many are seeking to simply deal with at the minimum cost to themselves in terms of money and time.

These small businesses thinking sensibly that workplace pensions was exactly that namely to do with Pensions got in touch with their friendly IFA only to be told that as they had so few staff the cost of their involvement would be prohibitive so they couldn’t help.

ICPAWhere are they turning? Some are diving in themselves and with help from the Pension Regulator site are working their way through the scheme themselves. Many have looked at the site, watched the videos and decided that they need help. So, where have they turned?

They have turned in their droves to small accountants, that’s who, WE are their most trusted advisers. Accountants have suddenly been thrust into a strange world that seems more akin to HR and Pensions than taxation and accountancy. But we cannot simply let our clients flounder and garner no doubt endless fines so we are now becoming more and more embroiled in how to source, run and administer schemes for our clients in a cost effective away.

Snakeoil salesmen abound in this sector promising boundless riches to any accountant who is prepared to make their clients pay huge sums of money for choosing, staging and running the scheme.

Most small practice accountants will sift through the messages been sent out and come up with workable solutions for their clients at rates that the clients can afford and that represent a reasonable return for their services. Has it not always been this way?

We will make this work because our clients need us to and that is something all accountants should be proud of and it’s something that The Pension Regulator, HM Government and frankly everyone else should be remember when in a few years time they announce how well auto enrolment worked.

This blog is taken from the ICPA website. Dedicated to supporting and promoting the needs of the general practitioner. You can find us at www.icpa.org.uk or email [email protected] or phone 0800-074-2896.

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