The Pensions Regulator has stressed its commitment to help ensure the 1.3 million small and micro businesses preparing for automatic enrolment get it right.
Those firms without experience of pensions have been highlighted by the organisation as the key targets for providing support to.

The regulator has published guidance to “help them find a good quality pension scheme”.

This included updates to website pages for financial advisers and accountants and a quick guide for small and micro employers on what to look out for when choosing a scheme suited to their needs.

Research by the regulator suggested one in five (290,000) employers will not seek advice when choosing a pension scheme, while one in ten (130,000) did not know how to select a scheme, or thought it will be difficult.

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A list of ‘master trust’ pension schemes open to employers of all sizes, and which have been independently reviewed to prove they are administered to a high standard has been published.

Lesley Titcomb, chief executive of The Pensions Regulator, said: “I strongly believe that the vast majority of the 1.3 million small and micro employers approaching automatic enrolment want to do the right thing. However, many will choose not to seek advice and will need additional support to meet their duties.

“We are committed to providing them with the information they need to make confident choices when it comes to choosing a quality scheme for their employees. My message to employers is clear: prepare early to make the most of the wealth of support available on our website. We are here to help.

“Our research shows that large multi-employer pension schemes such as master trusts and group personal pensions are better placed to meet the standards we believe are necessary for good outcomes for retirement savers. The list we have published today will help employers more easily identify master trusts that have demonstrated they can deliver quality standards, alongside other schemes including NEST.

“I strongly urge other master trust schemes to follow the lead of those which have already committed to the voluntary assurance framework so that the choice of quality schemes available for employers continues to grow.”
The voluntary master trust assurance framework was developed by the Institute of Chartered Accountants of England and Wales (ICAEW) in association with The Pensions Regulator to enable auditors to provide independent assurance on scheme quality.