Most businesses will have at least heard the news that as of the 1st of October 2012, the government is introducing new pension legislation broadly known as auto enrolment. Some businesses will be better equipped to deal with the new legislation due to occupational pension schemes or stakeholder schemes that they have long trusted. Smaller businesses may suffer more stress due to a lack of recognised pension scheme but once they understand how easy it is to set things up, that initial worry should quickly be turned into a sense of opportunity.
Any good business owner of any size will recognise the value of their staff. Loyal, talented and committed staff can be hard to come by in an era when many companies seem to operate a revolving door policy. Pensions are set to become a big draw when it comes to finding and keeping the best staff, which is essential for any growing business. To keep a core of loyal staff happy you will need a good pension scheme so any forward looking business might prioritise this aspect of the business and duly research which schemes they use.
The government is launching a big ad campaign in September and British public will push the need for a decent pension much further up their list of priorities. If conscientious businesses can pre-empt this shift in attitudes, they can begin to harvest the best staff for their companies.
Any company that worries they may not be equipped for the transition shouldn’t stress too much. NEST (National Employment Savings Trust) schemes will be on hand to fill the gap if occupational or stakeholder schemes are unavailable.
Business should see the auto enrolment legislation as an opportunity to better staff relations and take their business to a new level. For those with less ambitious goals, the NEST schemes can fill a vital gap with minimal fuss.