[dg-cleaning]

Anyone here offer a pension scheme.I don't employ over 5 staff at moment so don't have to offer a scheme yet but in next couple of weeks we will go over 5 staff on books.Any one got any advice on how they managed their pension scheme?I know u have to offer it but do many cleaners take it up?any info appreciated.

[Lesley J]

I offered no one took it up, thank goodness

[mxg]

You just have to make it available to your staff - you don't have to conrtibute and they are not under any obligation to contribute either.

Its just one of those bits of legislation that seemed like a good idea at the time but don't actually work out in practice - in this case the financial institutions are not bothered because they are limited to how much they can charge (1-1.5% I think) and the lack of obligation on anybody elses part.

I now technically have a scheme but all I have to show for it is a certificate - cant even remember the name of the provider

Mick

[mxg]

No it shouldn't cost anything other than a bit of your and some IFAs time - if you have an IFA that looks after your personal finances I would approach them first as its probably more a favour than an earner for them.

Failing that I would google "stakeholder pensions" as I seem to recall thats the official name and see if it can be done online.

For the reasons mentioned earlier I wouldn't worry too much about anybody taking it up and if they do it jst becomes another deduction from their wages to be paid across.

Mick