When it comes to choosing the right pensions scheme for your small or micro business, the whole process can feel baffling and confusing. Thankfully, it doesn’t have to be an ordeal. There is a lot of guidance out there for small and micro sized businesses, all designed to help you choose the right plan and stay on top of your obligations.
Finding a scheme on your own
When it comes to choosing the perfect auto-enrolment pensions scheme for your unique business needs, you can take a risk and try to do everything yourself. A large cache of resources are available online, at the Pensions Regulator’s official website. While it is possible to look through each and every option available and try to select the correct one for your small business, this is a tedious process. Unless you have previous experience with pensions plans, selecting the right choice is hit or miss.
Using your existing scheme
If you already have a pensions scheme in place, you might be able to use this to meet the new requirements. These pensions are often called ‘stakeholder pensions’ – you will need to ask your provider if your existing plan qualifies. If so, you might be able to use it for your auto-enrolment needs.
Having an advisor help you find the right scheme for your needs
This is by far the most recommended option. While a skilled and experienced pensions professional is likely to charge a fee, this is worth every penny as they will likely save you money. If you want information on how to set up an auto-enrolment scheme for your small business, call or email Options Corporate Pensions Ltd. today. We can help you get started and assist you in selecting the best plan for your business. And it wont cost you.