2012 Pension changes
From October 2012, changes will be introduced for employers with the aim to get more people to save more.
Employers’ new responsibilities under pensions reform are built on two principles:
- the auto-enrolment of working individuals into a pension scheme, and
- compulsory pension contributions
As an employer, you can choose to auto-enrol jobholders into a qualifying auto-enrolment private pension scheme or into the National Employment Savings Trust (NEST).
The total minimum pension contribution that needs to be paid into a scheme is 8% of qualifying earnings, with the employer needing to contribute at least 3%. Qualifying earnings is different from how most employers currently calculate pensionable earnings so it is important to be aware of the impact and possible solutions.
To ensure you are prepared and fully understand how these changes will affect you, please contact us to request a free consultation;
Speak to Sarah Kendell, email; sarahk@riskprotection.co.uk, telephone 07989 966320
or Christian Pepper, email: christian@riskprotection.co..uk, telephone 07971 198237
We look forward to hearing from you.
