The governments auto-enrolment initiative means that all businesses who employ 1 or more workers have to supply a company pension scheme (not sure if you're an employer click here).  This is a legal requirement that comes with serious penalties if ignored or challenged.

If you fail to comply your initial fine is £400, you will be given four weeks to pay it and resolve your non compliance, and if you still fail to set up a scheme you will then be hit with a daily fine, which for a company employing 5-49 is £500 a day!

There are do it yourself schemes available, for those who have the time and understanding.

So what's to consider?

• The average scheme takes 5 to 6 months to prepare and you need to have everything ready to go by your staging date.

• Designing a scheme that works for each employee's requirements.

• The process involves meetings with your staff, explaining how the scheme will work.

You can do this yourself, but if you require advice, this can only be carried out by a qualified FSA, and not all FSA's have the required qualification, and that probably means neither does your accountant or solicitor.

There are many things to be considered when setting up a scheme, one of which is the variation in staffing requirements, what do you want to get out of it long term? how much is it going to cost? and is there tax relief?

Our initial consultation is free of charge and will take approximately an hour of your time, you really have nothing to lose but everything to gain and at the very least that would get to know more about workplace pensions and your responsibilities.

Click here if you wish to book an appointment