Advice for small businesses

Pensions

  • NEST
  • Group Personal Pension
  • SIPPs
  • Salary Sacrifice

New pension legislation

Your staging date for auto enrolment will depend on the number of employees your business has. Please contact us for more specific dates and information:

Employers will need to automatically enrol workers in a Pension Scheme if they are aged at least 22 but under State Pension age and if they earn more than the 2013/14 limit of £9,440.

Employers will have to make a minimum contribution into these worker’s scheme. Workers, who are automatically enrolled into a scheme, can choose to opt out.

To help employers adjust to the requirements the plan is to phase in the contribution levels, starting at 1%, then 2% and finally 3%. The jobholders contribution will be phased in at the same time.

Employers can choose which scheme to enrol their workforce in, as they currently do, but the new laws set out certain legal standards that these schemes must meet to comply with the legislation.

NEST is just one of these scheme and is regulated by the Pensions Regulator. It is a non-departmental public body that operates at arm’s length from government and is accountable to Parliament, through the Department for Work and Pensions.

For more information on whether NEST is a good option for all, or part of your workforce, and to discuss alternatives that might be more suitable, contact KPW Investments now.