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BUSINESS PROTECTION
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30.07.2012
The times, they are a changing- Pensions
THE TIMES THEY ARE A CHANGING
One of the biggest changes in pension funding is to be introduced by the Government which will mean that starting from October 2012, every employer will have to offer every employee earning over £8,105 and aged between 22 and State Pension Age access to a pension arrangement.
This is called auto enrolment and there will be a staged approach with the largest employers starting in October 2012. You can discover when your company will have to start pension provision by visiting www.tpr.gov.uk/pensions-reform.
As an employer, you will ultimately be required to contribute 3% of qualifying earnings between £5,564 and £42,475 and your employee will have to contribute 4% which together with tax relief of 1% will make a total of 8%. These amounts are being phased in over a four year period.
It is important to understand your obligations and duties as an employer to avoid being fined or charged penalties.
If you have an existing pension scheme it may be that this can be used to meet your obligations. If it doesn’t or you do not have a scheme then you will need to decide how best to meet the requirements of auto enrolment.
I would very much welcome the opportunity to discuss how I might help you deliver your
employer obligations and personal retirement planning needs. I look forward to hearing from you on either 07801839885 or at [email protected].
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