We’ve all heard the term ‘Making your money work harder’. And that’s exactly what a good independent financial adviser (IFA) does for you. At Tyrrell & Company, the IFAs in our Wealth Management team have a clear focus on helping you and your business make the right funding and investment choices.
As we mentioned back in October, many small and micro businesses are nearing their staging date – the date by which your workplace pension scheme must be up and running. And this means there’s a real imperative for getting your payroll software and systems up to speed to cope with making pension contributions.
Between 2015 and 2017, over a million small and micro business will be reaching their pensions auto enrolment staging date – in fact it’s a staggering 51,134 companies per month.
We’ve already mentioned the need to Payroll auto enrolment upgrade your payroll system if you’re going to meet your business’s staging date. But, even at this late stage, there are still many business owners and micro businesses that don’t seem aware of the need to comply with their auto enrolment requirements.
There’s a pensions problem in the UK. People are living longer, greater numbers of people are becoming pensioners and there’s insufficient provision being made to take care of the UK’s ageing population in their retirement
Pensions auto enrolment is the Government’s response to this pension problem. By making it mandatory for all businesses to provide a suitable pension scheme for their employees, some of the burden will be taken off the state pension system.
But, in doing so, a new burden has been created: a burden for small business owners. It’s now your responsibility, as the director or owner of a UK business, to provide the right kind of pension scheme for your staff.
Back in March, we asked if your business was ready for auto enrolment. Eight months down the line, this question has an even greater urgency to it. If you’ve not yet chosen a scheme then you need to act now.
And to help you see the need for prompt action, we’ve outlined the process you’ll need to go through to meet your responsibilities and get your auto enrolment pension scheme up and running.