Be prepared for new Pension rules!

From 2012 all employers must offer their staff a pension scheme, and Nigel Kearney, Managing Director of GP Financial Services warns that preparedness is the key to avoiding costly mistakes.

“The 2008 Pensions Act takes effect in 2012 when it will be a legal requirement for businesses to offer their employees a pension as part of their benefits package. Bringing something into your business now though, gives you time to plan and allows you to reap some positive PR.”

“So what does the Act mean? In brief, all employers must offer a qualifying workplace pension scheme and all eligible employees must be enrolled on it, with at least 8% of an employee’s qualifying earnings paid in. 3% of this must be contributed by the employer, 4% by the employee and 1% is made up of tax relief.”

What do you need to consider?

It’s important that you decide which type of pension you’re going to make available for your staff. Will you go down the personal account route or use an existing scheme? And do you know if this scheme meets the minimum requirements of the Act?

You also need to be budgeting now for the 3% contribution and thinking about how this will impact on your payroll and HR functions.”

Help is at hand

The team at GP Financial Services are trained Independent Financial Advisors who are on hand to talk you through the Pensions Act and how it can benefit your business.

So call them on 0845 688 4991 or visit their website at www.gp-fs.co.uk today to book a free consultation.

For more information click request more information.

Office:       0845 688 4991
Mobile:      07711 616999
Email:       nigel.kearney@gp-fs.co.uk