Thornton Holmes urges employers to address this sooner than later in order to minimise the impact to their business over the next couple of years. Failure to comply for Companies of 1 to 5 employees will be a fine of £50 PERDAY & 5 to 49 employees will be £500 PERDAY!
The Government is proposing to bring in new laws from 2012 that will have a significant impact on every employer in the UK :
¢ Employers will have to pay into a pension scheme for all employees.
¢ Even with existing schemes, you may have to make changes so it complies with the new laws.
¢ Employers can use their own pension scheme to comply with these new laws or a Government scheme - the National Employment Savings Trust (NEST).
A good IFA can :
¢ Help you review your existing workplace pension scheme to make sure it will comply with, the new regulations.
¢ If you haven’t got a pension scheme yet, they can help you put one in place.
¢ help save you money using something called ‘salary sacrifice’ to offset the impact that these new laws will have on your business.