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People’s Pension providers are now charging: Why you should act quickly
Alix Passey Brown
Date: 23rd December 2015
On 18th November, I received an email from B&CE, the people behind the People’s Pension. It launched a new service, and stated that unless you completed the sign up of a new scheme by 5pm on Friday 20th November, you would be charged £500 as an employer for so doing. Luckily, I’d found out before and ended up setting up no less than 19 schemes in less than a week!
20th November has obviously passed now, but I think that the main message here is – if one of the three key providers of very small schemes now wants £500 from employers, and with hundreds of thousands of employers staging over the next couple of years, it looks like NEST will be under significant pressure from demand.
Please do make every effort to get your schemes sorted at least 12 months in advance or face the consequences!