The Chartered Institute of Payroll Professionals welcomes small business tool kits
16 July 2015
The Chartered Institute of Payroll Professionals (CIPP) welcomes today’s announcement from The Pensions Regulator (TPR) that they are developing additional guidance to help employers to choose a pension scheme, including a list of schemes with the master trust assurance.
The suite of information and tools developed for employers includes the following:
- Choose a pension scheme page: The content has been updated to better target small and micro employers
- Quick guide to selecting a pension scheme for AE: This is a new guide, aimed at a ‘novice’ audience, and intended to be a practical guide to assist employers in using the ‘How to find a pension scheme’ webpage
- How to find a pension scheme: This page includes the options available, and now includes a list of schemes with master trust assurance who have confirmed that they are open to small employers.
Speaking about the announcement, Karen Thomson, Associate Director of Policy at the CIPP, said “Many small employers have felt TPR should provide some help on what they need to consider when choosing a pension scheme, so these tool kits are welcomed by the CIPP. However, we still urge employers where they are unsure to seek advice from their agent's pension advisors or from Independent Financial Advisors.”
In January 2014, the CIPP launched friends of automatic enrolment to assist small businesses in meeting their obligations with regards to the complex pensions legislation. TPR have attended various CIPP friends of automatic enrolment meetings across the UK at which small employers have asked for support in understanding their obligations, including today’s meeting, at which TPRs CEO Lesley Titcomb is speaking. We are delighted that they have listened to this feedback and introduced new tool kits.
To join the CIPP’s friends of automatic enrolment for free, visit www.friendsofae.org.uk