Are you a manager with HR responsibilities in accountancy?
Do you feel like your staff know enough about their pensions, why they might save and how they can ensure that their retirement planning is a priority throughout their career?
Publication day for this article falls on National Pension Awareness Day so we thought we’d dedicate the space on our blog to discussing the importance of a brilliant workplace pension scheme as part of your employee value proposition to ensure you attract and retain the very best talent in the accountancy sector.
Let’s start by considering the basic obligations of an employer when it comes to pensions in the workplace.
The most important thing to remind you is that if your staff ask you about their pensions and the options available to them when it comes to retirement planning, your role is to gently guide them in the direction of expert advice. You are not, and must never try to be, their advisor.
But as an employer at a firm of any size most of you will be legally obliged to automatically enrol your staff into a workplace pension. The decision and responsibility to opt out of that pension lies with your employee. There’s a really helpful wizard available via The Pensions Regulator that will help you work out what you need to do.
But if you’re a larger employer your staff pensions might be something you consider outsourcing. Like we’ve explained already, talented accountants will expect you to offer them a decent scheme and a decent employer contribution so bringing a specialist on board to manage your scheme is often a great decision.
How can you empower your staff to understand and take control of their pensions?
It’s common knowledge that many young professionals are not saving enough to live the kinds of retirements that they are expecting to enjoy. There’s also lots of hot topics that your staff might not be aware of that affect their pensions; the gender pensions gap for example (Now Pensions published research in 2019 that suggested that there are 50% more women than men headed towards a pensionless retirement!)
And this is something you can help you staff with, once again purely in a a guiding role, not as an advisory!
The topic of pensions awareness is a brilliant one to cover at a staff away day or team building event and you can proactively encourage your staff to consume unbiased guidance on sites such as Pensions Wise or Money Helper.
You can also direct your staff to watch webinars and read articles featuring lots of well known faces and speakers at the Pensions Awareness Day dedicated website.
At Public Practice Recruitment Ltd we’re speaking to the kinds of accountants we know you’d love to have in your teams on a daily basis. We understand the challenges they face in securing the right roles and the right benefits packages and we’re here to offer you expert guidance and a listening ear when it comes to attracting these people and making them feel a valued part of your firm.
So today we urge you to get clued up on the important topic of pensions and to contact us today to find out more about how we can match your winning benefits package with our database of highly skilled accountants at every level in every corner of the UK.