Pensions Auto Enrolment is coming
As an employer of at least ONE PERSON, are YOU aware that a pensions revolution is coming? Most companies are heading blindly towards this upheaval.
1. You will be required to automatically enrol all eligible workers into any ‘qualifying pension scheme’. This could be your own company scheme, if it meets certain criteria, or NEST (National Employment Savings Trust).
2. You will be required to contribute at least 3% of each worker’s eligible earnings, which is intended to incentivise them to join. Their own contributions and tax relief will be added to this to meet a minimum 8% contribution rate.
Questions to ask yourself:
- What are you doing to meet the new regulations?
- When will this affect you?
- Who will have to be auto-enroled?
- What is the difference between an eligible worker, non-eligible worker and an entitled worker?
- Will you have to re-write employee contracts?
- How are you going to manage the extra costs and responsibilities?
- What support will you need and where can you get that support?
How can we help?
At City Financial Planning and Queensgate, we have been developing a support service to help local businesses in the South West approach these changes in an efficient and cost-effective way, with as little disruption to the day-to-day running of your business as possible.
We understand that overburden and regulation stifle business and there are solutions for the new pensions landscape, which will meet your responsibilities in a cost-effective way in relation to both your time and money.
It is very important to understand that failing to act is not an option under the new rules. The Pensions Act 2008 has made it an offence to do so, with draconian penalties and tight policing to avoid market abuse.
Make no mistake, if you employ even ONE person, you WILL be affected.
AUTO-ENROLMENT . . .
The answers to these questions can be found on this website which we have designed as a resource to help you understand the basic outline of what is happening and why. It also aims to put you in contact with knowledgeable people who can help you find the best solution for your business.
From 2012 we are running a series of free seminars throughout the South West and strongly suggest that at the very least you attend one of these to help formulate your action plan. If you are unable to attend a seminar we will come to see you at your place of work to show you more of how Pension Auto Enrolment will effect you and how you can best manage the process for you and your business.
The new regime is imminent, so the time to act is now.
Who are we and how can you contact us?
City Financial Planning Limited and Queensgate Personal Investment Management are members of the City Financial Planning group of companies. We are independent financial advisers based in Exeter and Bath employing the services of twenty qualified regulated individuals. The following advisers specialise in pensions and auto-enrolment:
Clive Swiggs (profile)
Kevin Hill (profile)
Sandra Bishop (profile)
Fred Binstead (profile)
Kypros Harrison (profile)
Sandra Bishop (profile)
Gary Pimm (profile)
John Davies (profile)
Further Information can be found at: