Last year, we made ourselves generally aware of the AE Regulations and took professional advice regarding existing pensions arrangements and their suitability (or not) when we came to Auto Enrol employees. We also identified the deadline date by which we are obliged to ‘Stage’ and professional advice indicated that this fell in a period when there is perceived to be the potential for the pensions providers and advisers to be overwhelmed by the sheer volume of employers ‘Staging’. We followed advice and decided to Auto Enrol early in 2015.
During this summer we engaged the services of LEBC, an independent financial advice provider, to advise on suitable pensions products, the impact financially on the IAB and to support IAB through the AE process, assuring full compliance with the Regulations, and to provide ongoing support to ensure continual compliance. Part of LEBC’s support (or available separately to employers as a stand-alone) is aeComply, a web-based tool, which ‘hand-holds’ employers in a straightforward manner through the complexities of preparing for, implementing and continual compliance with AE.
Most recently we have held a staff meeting to enable a briefing and Q&A session with one of LEBC’s professional advisors. Feedback from staff after the event has been excellent.
I really feel that with all this support, to date we are making real progress and in a secure manner.
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