Trade body the Pensions and Lifetime Savings Association has launched a new service designed to guide small employers through automatic enrolment.
Around 1.8 million small businesses are set to be caught up by the auto-enrolment reforms between now and 2018.
However, there has been widespread concern about possible non-compliance as smaller companies – many of whom will never have offered a pension to their staff – are forced to deal with complex rules and regulations for the first time.
In response to this, the PLSA – previously the National Association of Pension Funds – has created a new proposition to guide firms through the process.
The service, called ‘Pension Solution’, includes a step-by-step guide to setting up an auto-enrolment scheme and a guide to the various providers in the market, including ratings and reviews from other employers.
The new service costs £49 a year.
PLSA chair Lesley Williams says: “We’ve used our expertise to create Pension Solution, designed purposely for small businesses to make automatic enrolment simple and straightforward for them, and to make sure it really works for them we are also letting them add their own experiences and views on providers.
“Small businesses employ millions of people in the UK and we want to help all those employers and employees get a great workplace pension scheme in place. I know from personal experience it can be tough rolling out automatic enrolment to your employees for the first time, even in a big company, and small businesses are just as busy and often have less experience of running a pension scheme.
“Pension Solution gives small businesses the know-how and the tools they need to tackle automatic enrolment confidently and successfully.”