11 July 2012

Auto-enrolment Pensions - Snippet #6

What Pension Scheme Should We Use?
In the early days of auto-enrolment some people thought that all employers had to provide a government-backed pension scheme called (at the time) "Personal Accounts". That isn't the case, and that scheme - now called NEST - is just one of the options to satisfy the auto-enrolment requirements.
In fact, it is perfectly possible to provide a number of different schemes for different types of employee, and that's the route that many are likely to take. So here's a quick summary of the main possibilities:
  • An existing company pension scheme - provided it meets the qualifying criteria
  • A new company pension scheme - some providers are likely to offer additional admin support to employers in meeting their obligations around enrolling staff
  • NEST - a basic scheme for the masses with low costs (although some would argue that point)
  • The Peoples' Pension - another  basic scheme

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