18/11/11

By Andrew Holt

October 2012 will herald the introduction of new pension reform and in response to the changes being introduced, employee benefits adviser, Foster Denovo, has launched a pension reform helpline for all ACEVO members.

The helpline will provide advice and support around the forthcoming pension legislation and enable third sector employers to talk through any queries or concerns they may have.

Members will be able to call the helpline between 9am-5pm every weekday, and will be entitled to up to half an hour of free consultancy over the phone.

The service will help them to consider specific questions they may have which could include when they need to conform with the legislation, what they need to do to comply and how to manage the potential cost implications.

Auto-enrolment represents a significant change within the pension arena, but alarmingly 47 percent of ACEVO members confirmed that they have not yet considered the strategy they will adopt in preparation for the 2012 pension reform.

In less than a year’s time employers will begin to comply with new legislation which will see them having to auto-enrol eligible employees into a workplace pension and contribute towards their pensions.

Cost is likely to be a big issue, particularly for the 21 percent of third sector organisations that don’t have an existing pension scheme in place.

Planning is essential to ensure that employers are able to manage the costs effectively and avoid a sudden spike in contribution costs overnight.

Ian Bird, equity partner at Foster Denovo, commented: “We are discovering that with less than one year to go before the legislation takes effect, many third sector employers are now considering how they are going to manage the financial and administrative implications of pension reform within their own organisations – this in turn raises many questions.

“The dedicated helpline has been set up to offer ACEVO members support and advice with these issues in mind, and to ensure that a large proportion of third sector employers are well placed to tackle pension reform head on. The free service is unique to the sector, and we hope that organisations will take the opportunity to get in touch. Success will rely on comprehensive planning.”

Sir Stephen Bubb, CEO of ACEVO, commented: “At a time when members’ organisations are facing major challenges, I urge leaders not to let the upcoming pension reforms fall off their radar.

“With 47 percent not having considered the strategy they’ll adopt in response to auto-enrolment, I’m very glad that thanks to Foster Denovo we are able to launch what will be a valuable source of support to our members in dealing with the changes.”

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