Pension Solicitors: Protecting Your Business From Penalties
UK employers have to provide their eligible employees with a workplace pension under the 2008 Pensions Act. Pension disputes risk damaging your business’s reputation, so it is vital to seek appropriate legal advice to resolve them. These schemes are highly regulated and wrapped in complicated legislation, especially if your business is multinational. With more regulations passed in 2021, your business will benefit from the right advice to reduce the risk of claims and litigation.
How Does A Pension Solicitor Help You?
These solicitors can help you manage your company pension scheme. They handle one-off issues and provide continuous support to ensure that your company remains compliant, saving you time and money. This advice will protect your business against litigation and costly pension disputes.
Specialist solicitors can advise employers and pension scheme trustees, plus they can act on behalf of individuals, including pension product providers. Enlisting a solicitor can help with:
- Managing pension disputes
- Restructuring pension schemes
- Analysing, composing and updating messages and records from your pension scheme
- Monitoring new pension regulations and guidance and how they impact your company
- Auto-enrolment compliance
- Dealing with pension issues amid the sale or restructuring of a business
- International pension transfers
- Issues around pension tax
- Strategies for minimising risk
The Support Process
Each pension solicitor will have their own methods and practices. However, there is a general structure that most procedures follow:
To advise you on your pension scheme and manage disputes, a solicitor firstly needs to learn about your company and operations. They will conduct a consultation, over the phone or in person, that allows them to get to know you and your situation and agree on how you want to proceed. This meeting is usually free of charge, so it is unusual to receive legal advice at this stage.
Auditing Your Current Situation
Once you have decided to outsource the management of your pension scheme, a pension solicitor will analyse your current circumstances and processes to optimise them. This information will help them understand which areas of your scheme comply with UK law and which need improvement.
After auditing your pension scheme, the solicitor will provide you with their recommended solution. This plan will outline changes that need to be made under pension legislation.
Enacting And Monitoring Your Solution
Your solicitor will then implement the discussed changes and fulfil the necessary legal requirements to create a pension scheme that can protect you. They will also adjust the scheme to legal developments and can be on hand to resolve any issues that may arise, whether these are pension disputes or changes to your operations.
Benefits Of Pension Scheme Legal Advice
Working with a solicitor gives you complete control and coverage over your company pension scheme. Pension problems can crossover into many areas of law, including employment, finance, litigation and more, making issues difficult to manage. Workplace solicitors translate technical jargon and explain legislation in plain English so you know how it affects your business.
This explanation helps you better understand your duties when running a company pension scheme, and the risks that come with it. Subsequently, solicitors offer a safe pair of hands and a source of reliable advice to manage your pension scheme correctly. This organisation helps to avoid disputes and litigation, protects your company and ensures that disputes are dealt with promptly.
Cartwright King Legal Advice
As a full-service law firm, we offer sound, honest, reliable advice and support to help you resolve legal problems.
We listen, understand and genuinely care about protecting the integrity of your company. That’s why working with one of our experienced solicitors will give you access to advice and support when your business needs it most.
We’re a trusted Legal 500 top-tier law firm with specialists who can remain calm under pressure, allowing us to provide the advice you can count on. For professional support, get in touch with our team today.
All advice is correct at time of publication.