Communicating your workplace pension to your staff – why is it so important?

The recent changes to the UK pension schemes mean that clear and effective communication in the workplace is more important than ever. As the owner or manager of a small to medium sized business, it is integral that you provide comprehensive information to all of your employees about their pension options.

If you have received a letter from the Pensions Regulator alerting you to the fact that your automatic enrolment duties are due to start, you need to act on this matter. A failure to enrol your staff members will result in fines and penalties that could ultimately cripple your business.

Why do you need to communicate with your staff about pensions?

 

·      Allow them to opt out - The enrolment is automatic (for most of your employees), but your employees have the right to opt out of the scheme. It is imperative that they are kept abreast of all matters regarding their pension options.

·      Answer their questions – Your staff are likely to have many questions about the new pension scheme and what it will mean for them. You should be available to answer these queries.

·      Assure them that you want them to reap these benefits – As an employer, you must not do or say anything that encourages your employees to opt out of this pension scheme. They should be made aware of their options and encouraged to make the best decision for their circumstances.  

 

Are you unsure of your duties and requirements in regards to your employees’ pension scheme? Confused about the new regulations and what they mean for your business, both now and going forward?  You can rest easy, because the team at Options Corporate Pensions is here to answer all of your questions and ensure that you are more than prepared for the changes to the pension schemes in the UK.