Pension Awareness Day 2017 - are you prepared for automatic enrolment?
Under the Pensions Act 2008, every employer in the UK must put certain staff into a pension scheme and contribute towards it. This is called 'automatic enrolment'. If you employ at least one person you are an employer and you have certain legal duties. You can find out more information, including your staging date, with the Pensions Regulator.
Choosing a Pension Scheme
It’s important for employers to understand their role in running a good quality pension scheme and there will be different duties and areas of focus depending on the type of scheme you are involved in.
Things to check and compare include:
- The set up cost to the employer
- The annual/monthly charges to the employer
- The Annual Management charge to the employee – the lower the rate the more money in their retirement fund in the future
- The range of funds available – some employees may wish to have access to an ethical fund or a cash fund
- The ability for employees to transfer in and out with little or no charges
We have developed an auto enrolment pension scheme which is tailored to architect practices and delivered through trusted market leaders.
The RIBA Pension offers unrivaled support, a flexible approach and no hidden costs. Our members agree, with over 550 RIBA Chartered Practices, and 4,500 employees, signed up to the RIBA Pension.
What the RIBA Pension offers
- Portable scheme - enabling employees to transfer funds in and out of the scheme without penalties
- Flexible scheme - offering a wider choice of over 22 funds including a fully managed portfolio
- Cost effective scheme - with an annual management charge of just 0.44%, well below the industry average and a 25% discount off the sign-up fee and annual fee for RIBA Chartered Practices
- Quality scheme, Master Trust Assurance Framework Accreditation, meaning that our scheme is held to the highest measured standards in the industry
Already have a Scheme in place?
We can help you switch from your current provider and save money. It’s fast and simple to do; our team are on hand to give you all the support you should need.