Auto Enrolment – What does it mean for you and your business?
The government has introduced a new law to make it easier for people to save for their retirement. It requires all employers to enrol eligible jobholders into a qualifying workplace scheme if they are not already in one. At present, many workers fail to take up valuable pension benefits because they do not make an application to join their employer’s scheme. As automatic enrolment is meant to encourage people to save for retirement employers will have to enrol workers who:-
The cost of the reforms on businesses will be significant. The result will be that employees will eventually need to contribute 4% plus 1% tax relief of their banded earnings and employers 3%.
Companies with the largest number of employees will have the earliest staging dates i.e. the date by which employers will have to start contributing to a group scheme, starting from October 2012 running to 2018. The 8% total contribution will need to be made by 2018.
Although it seems like it is some time before you have to provide a work based scheme or enrol into the government NEST scheme, forward planning is essential. There are a significant number of options open to employers, both in terms of the providers offering group schemes and the way contributions are made. At Burton & Fisher we are here to guide you through your obligations to auto enrolment and explain the process of setting up the scheme as efficiently as possible. Please feel free to contact one of our advisors at our office on Princes Crescent in Bare on 01524 416511.
Residential Buildings & Contents Insurance
Anyone with a mortgage will know that buildings cover is a condition of the mortgage, so if you have a mortgage and your buildings insurance is with your bank why not give us your renewal date so we can see if we can help save you some money?
Lots of people do their home insurance online, without the need for interaction with real people. We can provide advice as to what you are currently covered for, and what additional covers you may need. Do you have personal belongings cover? Do you need it? These are all questions we can help you find the answer too.
If you have a renewal date, let us have it and we’ll call to arrange a quote nearer the time. You have nothing to lose.