For the majority of SMEs recruiting between 50 and 250 staff, the re-enrolment cycle is almost upon you again. As with all matters, there are some things that you may need to consider:
- Have you re-reviewed all your workers?
- Are there any gaps that you missed the first time?
- What do you understand about the changes to legislation that came through in 2015 and 2016?
- How could you make your processes simpler?
- How much time can you dedicate to refreshing your knowledge and reviewing your duties?
Many improvements have been made since this legislation was introduced, giving you more flexibility in managing your duties. Pension providers and payroll companies are providing great technology and there has been clarity and guidance from the Pensions Regulator. Best of all, there is a dramatic engagement from workers wanting to understand their options and self-manage their financial destinies.
As an employer, gone are the days when employee retirement involved a gold watch. As a 21st-century employer you will stand out if you can help your employees feel supported as they approach retirement. Being able to direct them to the right place to get advice whilst ensuring you have support from experts like Mattioli Woods if you are asked questions that you do not feel qualified to answer will mark you out as an employer of choice.
- Hannah Stebbings, Senior Employee Benefits Consultant, October 2016