Corporate pensions provider issues advice for businesses

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Corporate pensions provider issues advice for businesses

A pension provider has issued advice to firms ahead of the planned changes that will make auto-enrolment into a company saving scheme compulsory by next year.

From October 2012, the 2011 Pensions Bill will enforce every large-scale business to run a retirement saving initiative and for each employee to be automatically signed up to the policy.

Martin Palmer, head of corporate benefits marketing at Friends Life, claimed that it is "an exciting time" for employers to engage with their staff and encourage a positive savings culture, while his firm issued guidance ahead of the changes.

"By getting on the front foot with preparations businesses can set themselves apart when it comes to pension provision and ensure their scheme is a real badge of honour," he argued.

Mr Palmer added that ensuring a company starts as early as possible in preparing for pension auto-enrolment meant there is "absolutely no need" for employers to feel overwhelmed by the changes.

A study from the Department of Work and Pensions published last month revealed that only 15 per cent of young employees participated in a workplace savings scheme.

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