The role of Pensions in the workplace is facing a revolution. As the most valued employee benefit, ever more scrutiny will be placed on this from senior employees down as a result of Auto Enrolment. Do you want to provide employees with just the bare minimum?
For the first time ever, Employers must automatically enrol and pay contributions for eligible employees into a pension scheme. Employers can either use their own pension scheme to comply with these new laws or rely on a Government built scheme - the National Employment Savings Trust (NEST) scheme. Do you want to keep control of your employee benefits package or rely on someone else, who knows nothing about your business, to do it for you?
This is legislation that can't be opted out of and employees will be actively discouraged from opting out of schemes and indeed regularly opted BACK IN to schemes. The Pensions Regulator will stringently enforce these new laws and even if you have an existing scheme, you need to ensure it complies with the new laws.
Dan Howson, Entrepreneur, London
Through our specialist Associates we can provide you with a Company Pensions Audit. You can also sign up to our Knowledge Centre to receive free and up to date financial news and information on a bi-monthly basis.
If you have an existing scheme, does this help meet the new Auto Enrolment requirements? Can you afford an increase in your staff costs, as this is essentially what will happen and additional cash-flow needs to be made available?
There are a large number of schemes available to meet the regulatory requirement and for those company owners wanting to adopt a more proactive approach to retirement you can even buy your own commercial premises through your pension and pay yourself rent!
We can help with arrangements such as salary exchange that can save you money and offset the impact that these new laws will have on your business.
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