When considering which scheme is right for you, there are a few critical questions you need to know the answers to, or you could be heading towards an administrative nightmare.
Without answers to these questions, you cannot make an informed decision on what to do.
You could end up using NEST, which doesn’t provide automated communications, meaning you need to keep a separate diary system running to ensure your scheme stays legally compliant.
Your payroll provider may not fully understand the range of pensions available and how contributions can be made in a tax-efficient way to reduce your own costs to deliver the scheme.
You also need to ensure your advisor is qualified to advise on pensions, too, which isn’t always the case when using an accountant or payroll company.
This topic gets complicated and confusing very quickly, and with you being the one legally responsible for the scheme, it is vital that you get good advice before you make any decisions.
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