Business owners should be aware of Pension legislation changes
Is your company ready for new rules regarding business pensions? If you're not aware of the changes being implemented from 2012 then it would be advisable to run through the impending legislation and assess how it will affect you.
The main requirement is for all employers and employees to go through a process called Auto Enrolment, which means they will have to begin paying into a designated business pension scheme. The exact date (known as your ‘staging date') where a company would have to make payments, will depend on the size of your company, and the amount you pay in will increase gradually but the aim is for all employers to eventually pay in 3% of yearly salary, employee to pay 4% and with 1% tax relief from the government meaning a total of 8% of salary will be paid in each year.
If the employee does not want to pay into an business pension scheme then they can opt out, which will mean that their employer is not required to pay into the scheme on their behalf.
The cost is one issue but another important consideration is the reporting procedures which must be in place from the business pension scheme to The Pension Regulator in order to prove that all qualifying members of staff were auto enrolled into a qualifying business pension scheme. If members opt out then this needs to be reported, as does the member contribution as a percentage of their salary. All members who do opt out must then be auto-enrolled again 3 years later. If companies do not comply to these rules then heavy fines can be imposed, which can be as high as £10,000 per day. Although this may be an extreme case scenario, it does show how serious the government are in ensuring companies make these contributions on behalf of their employees.
The options facing employers include using a business pension scheme run by a traditional ‘life office' such as Scottish Widows, AVIVA or Standard Life. Alternatively they can opt to use the government funded alternative called NEST (National Employment Savings Trust) which will be introduced to offer companies a pension scheme if they do not have a plan in place and do not want to set one up with a life office. There are reasons to consider each option and this decision should be taken with the help of an independent professional. It's important to choose a suitable plan at outset because if the scheme does not meet your needs in the future then this can cause unnecessary costs and administration work.
As always, taking Independent Financial Advice to assess your options at this time is advisable, even if your company staging date is not for a few years it is worth being prepared well in advance.
Questions and Answers
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