I was reading last month’s cover story, Expert tips on surviving pensions auto-enrolment, and, after all this time, it is finally here for larger organisations.
The press coverage is hotting up and we are seeing adverts on TV and in newspapers. But do employees really know what it is yet and are employers ready?
Employers must plan ahead and have a strategy because they will have to make decisions around a complex subject.
At Trader Media Group, we have spent 18 months planning and making key decisions about our pension provision, working with our pension adviser, Secondsight.
We have so far implemented salary sacrifice to offset the additional cost of auto-enrolment, made changes to the minimum employee contribution, and reviewed our pension providers and advisers.
We are about to start internal communication to staff about the changes. We need to work on the logistics of payroll and how we manage opt-outs, but we are well on the way.
Hopefully, we will not be in a mad panic next September when it is our time to auto-enrol.
Jill Duggan is head of HR services and reward at Trader Media