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Pension changes that affect ALL businesses

December 1 2010 by Geoffrey Mabbutt

Employer Pensions – Are you ready?

From 2012, big changes are happening to pension schemes in the workplace and every small business will be affected. Have you got a plan in place?

What is happening?

• From 2012, all employers will be required by law to automatically enrol staff into the National Employment Savings Trust (Nest).

• This project will be phased in over a period of years but will  ultimately apply to all businesses, even those who employ one member of  staff.

• Employers will need to contribute a percentage of earnings. This  will rise as the scheme is phased in, starting at 1% and rising to a  minimum of 3% by 2017. Employees will also be required to contribute.

What do you need to think about?

• Salary exchange schemes could be considered in the run-up to 2012 to reduce National Insurance costs immediately.

• Phasing in employer contributions now can mitigate a significant jump in costs in future.

• More employers will be offering schemes over the coming months. To attract and retain good quality staff, do you need to do the same?

How can we help?

• We currently offer a free Employer Pension Scheme Audit where we will review your current arrangements or advise you on what  you need to be thinking about over the coming months if you do not  currently have a scheme in place.

• We can provide you with further information, so that you are fully aware of the changes and how they will affect your business.

To book a complimentary meeting with one of our Financial Planners, please call 0845 201 1580 or e-mail – we’d love to hear from you.

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