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michael holly
michael holly, Solicitor
Category: UK Employment Law
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Experience:  Over 20 years experience of dealing with employment law matters and qualified mediator
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How do we start an employee pension scheme ? Our software

Customer Question

How do we start an employee pension scheme ?

Our software business only has one or two employees at the moment, but we appear to be about to obtain a substantial contract, which will require us to take on several more employees of a good calibre.

We have conducted intervals and identified several people we would like to employ for the purposes of fulfilling this contract.

The subject of pension schemes has however come up, which is something we know very little about.

In order to attract the best of these software writers, we appear to need to have in place an occupational pension scheme arrangement (employee pension scheme).

One of our prospective employees says that he has a SASS (something to do with self administrating scheme with his current employer) and would hope that he would be able to continue doing that.

Can you give me any information about how we might go about setting up a pension scheme for only a few employees. Is it complicated ? Is it expensive ? Do we have to bring in outside experts to do it ?
Submitted: 1 year ago.
Category: UK Employment Law
Expert:  Fran-mod replied 1 year ago.
Hi, I'm a moderator for this topic. I've been working hard to find a professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you. Thank you!
Customer: replied 1 year ago.

Hi Fran, thanks for your help. It is appreciated.


Please take whatever time it takes.

Expert:  Fran-mod replied 1 year ago.
Hi Simon,

Tbanks for the kind words. We'll be looking to find you a legal professional.
Expert:  michael holly replied 1 year ago.

The practical answer is that you do not. The vast , vast majority of employers do not run their own pension schemes as they are a nightmare.The best thing to do is contact a pension provider to come up with a package for your employees. It will cost you nothing as they get the business and then if there any questions that arise you simply contact them for guidance.(also if it goes wrong it is not your fault)

I hope this helps.If there are any further points please reply.

Best wishes

 

Yours sincerely

michael holly, Solicitor
Satisfied Customers: 6331
Experience: Over 20 years experience of dealing with employment law matters and qualified mediator
michael holly and 2 other UK Employment Law Specialists are ready to help you
Customer: replied 1 year ago.

Thank you Michael.



I take it that means us looking in Yellow Pages or Google for someone like Scottish Widows, and making contact?



Sounds simple! Will they offer our employees the 'SASS (something to do with self administrating scheme with his current employer)' we have had mentioned?



It was that which made us think we would have to do something ourselves.

Expert:  michael holly replied 1 year ago.
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