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All Sorted, Thanks.

That’s the response these days when we talk about auto enrolment.

Cast your mind back to October 2012 when it all started, yes 2012, when leaders of companies rolled their eyeballs back looking at another expense they could do without and looking at their auto enrolment staging date with disdain!

Well it’s nearly 5 years since its inception and confusion still reigns.

Most are still confused with re-enrolment (required after 3 yrs) and the increase in contributions date, which has moved from October 2017 to April 2018. Easily done!

Communication is key and probably not on your radar. Communicate the increases to your staff, even though it’s 10 months away, because employee contributions will increase by 2% in April 2018 and the next increase of 2% will take place in April 2019. Employer contributions are also increasing by 1% each time as well.

Now don’t get me wrong, most people I see are generally not paying enough, and my mantra of squeezing your contributions up by 1% every year is an easy way forward so employees are ahead of the game.

Communicate to your people, sooner rather than later, or contact Ethos Financial Solutions on 01302 244 977 and we can do this on your behalf.

By Simon Boardman - Employee Benefits Consultant

This information is intended to provide a general review of certain topics and its purpose is to inform but not to recommend or support any specific investment or course of action. The tips may not apply, or be suitable, to everyone and you should contact us for advice if you are unsure whether this is the case.

Ethos Financial Solutions Ltd are authorised and regulated by the Financial Conduct Authority.

Publish date: 28th June 2017

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