Towergate Financial and HSBC have launched a new pension scheme for small- and medium-sized enterprises (SMEs) to meet an employer’s duties under the forthcoming pension reforms due to come into effect from 2012, including auto-enrolment and the National employment savings trust (Nest).
Called Workplace Pension in a Box, the scheme has been specifically designed for firms with fewer than 20 employees.
David Taylor, managing director of Towergate Financial, said: “We know small firms do not feel confident in choosing a pension scheme because of its complicated nature and costs so we have developed with HSBC a simple and cost-effective solution which will enable SMEs to be ahead of the new legislative changes and will also help with their budgetary planning.
“Acting now is also a positive move for staff who will be reassured their employer is making plans for their pension provision.”
Rob Pearce, head of workplace retirement services at HSBC, added: “Many employers and their advisers want to offer a pension which meets and exceeds the minimum standards of Nest.
“A lot of emphasis is placed on larger schemes, but we have developed with Towergate Financial an ideal solution that meets the requirements of Nest and the demands of the SME market.
“HSBC is committed to helping individuals prepare for their futures and we will continue to work in partnership with corporate advisers to put in place the right solutions for employers and their employees.”
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