Our company runs a number of warehouses throughout the south of England and we employ over 600 people. We have heard about the new Company Pension legislation rules which will affect all companies who employ staff. Although the required contributions are going to be difficult to achieve, we have began putting a plan in place so that we are prepared and will not have to face any of the fines, which we understand could be as much as £10,000 per day or even a prison sentence!
We are working with a company pension review consultant who has recommended that we put a pension scheme in place ready for our ‘staging date’ in 2013. We have agreed to start paying into the plan early so as to prove to our staff that we’re doing it as a benefit, rather than because we’re being forced to do it by the government. However as we have very different types of staff from school leavers in the warehouse up to highly paid professionals in our finance and sales teams. Our consultant has recommended that we set up a Pension scheme for these members but then use the government funded NEST scheme for the lower paid workers as it would be more cost effective.
I am told that this would not cause any huge problems and the administration would be straight forward, but I’m interested to hear whether anybody else has set a scheme up in this way?
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