Get ahead of the game on pensions

The new auto-enrolment pension rules began to be phased in at the start of October.  This is a significant piece of legislation as it means eventually every employer will need to contribute to the pension pot of all employees aged between 22 and pension age who earn between £8105 and £42,475 per year.

The first staging date only affects larger employers employing over 120,000 employees (but those companies employing at least 160 people will need to be compliant by April 2014).  Many businesses have not fully assessed the significant impact that auto enrolment will have.  Areas such as the legal requirements, significant payroll systems and higher bills for contributions could potentially affect business performance and stabililty.  Effective planning ahead of your staging date (by at least 12 months) can help businesses prepare and meet the requirements of this legislation and remain ahead of the game!  If you would like further information on auto-enrolment go to –

http://www.aviva.co.uk/auto-enrolment/

Post by Owen Williams, Warwick Financial Solutions owen@warwickfs.co.uk

« Back to News