Pension Fear for SMEs

As reported on this news page in December last year (http://petaurumsolutions.co.uk/2016/12/14/50-accountants-unable-answer-auto-enrolment-queries/) according to a report by employee benefits adviser Helm Godfrey, things haven’t got much better, with small and medium-sized businesses continuing to be at risk of choosing unsuitable pension schemes because of a lack of auto enrolment knowledge among accountants. The report has revealed that while 70% of small firms with 4 or fewer employees would turn to their accountant for auto enrolment advice, 43% of accountants believe they do not know enough about auto enrolment to give accurate and up-to-date advice. More than half (56%) of accountants admitted
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Categories: News.

Pensions auto-enrolment need not be like drawing teeth

Pensions auto-enrolment need not be like drawing teeth  The process of responsible pensions’ provision can be a ‘nightmare’ to some specialist employers, highlights Mark Dyer of Petaurum Solutions, but with the three years’ restaging cycle upon us, the doors have been reopened.  Whether, or not, your dental practice has dealt with its pensions’ issues, a fresh opportunity is arising in which to refine your forward plans. Well-publicised, auto-enrolment has provided a positive situation that is beneficial to all colleagues and demonstrates ample commitment to them that a surgical practice possesses a positive future. Naturally, having to deal with the complexities
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Pensions Auto Enrolment warning as regulator ramps up action.

The Pensions Regulator has revealed it will carry out auto-enrolment compliance spot checks on employers across the UK. The inspections will “serve as a warning to employers that they cannot ignore the workplace pension and that deliberate non-compliance will not be tolerated”, officials said. Meanwhile, financial advisory firm Wealthcare warned over ill-prepared businesses. It carried out research, which found more than four out of 10 small firms, have been waiting until the last minute to sign up their employees to an auto enrolment pension scheme. Stephen Cainer, joint managing director of Wealthcare, said: “Our figures show there is still an
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Categories: News.

£47,000 shortfall in employer pension contributions for women

£47,000 shortfall in employer pension contributions for women Employers are contributing less to women’s pensions than men: a result of the gender pay gap, career breaks for women and men working in larger businesses This could result in a £47,000 shortfall for women by the end of their working life Since 2013, women have received, on average, 1% of their salary less in employer pension contributions each year when compared to men The inaugural Zurich Workplace Savings Barometer analysed over 250,000 pension plans. London, 22 February 2017 – There is a ‘gap’ between the amount that men and women receive
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Categories: News.

More than 7 million workers now auto-enrolled – Pension Regulator

More than 7 million workers now auto-enrolled – Pension Regulator  700,000 small employers due to stage in 2017 The number of new people saving for retirement as a result of auto-enrolment has passed the seven million-mark, the latest monthly figures from the Pension Regulator have shown. According to the declaration of compliance report for November, a total of 341,495 employers have declared their auto-enrolment compliance, which accounts for 23.5 million workers. Of these, 7,050,000 have now been auto-enrolled while 9,806,000 were already active members of a qualifying scheme. The remaining 6,290,000 have no workplace-related pension. The Pension Regulator also indicated
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Categories: News.

Accountants letting SMEs down on auto-enrolment advice

Almost half of accountants admit to not knowing enough about auto-enrolment despite nearly two-thirds of SMEs turning to their accountants for advice about the pension legislation. A report by employee benefits adviser Helm Godfrey has raised concerns over the lack of auto-enrolment knowledge among accountants, warning that the knowledge gap puts SMEs at risk of ending up with unsuitable pension schemes. The report, which aims to provide guidance to accountants and SMEs on navigating the auto-enrolment process, found that 43% of accountants surveyed admitted to an auto-enrolment knowledge gap being their own biggest challenge when it came to advising businesses.
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Categories: News.

TPR Re-enrolment guidance for employers

TPR Re-enrolment guidance for employers TPR have just launched their new online content giving guidance to larger employers on their re-enrolment duties. An introductory page provides an initial overview of the steps, along with timings of when employers should aim to complete these steps. The overview page also includes ‘The essential guide to re-enrolment and re-declaration’, which is available to download and provides employers with a cut down version of the online content if they require a quick reference guide. The content is composed of 4 main steps: Choose your re-enrolment date Assess your staff Write to staff that you
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Categories: News.

To comply, or not to comply…it’s not even a pensions’ question!

To comply, or not to comply…it’s not even a pensions’ question!  Compliance is certainly a warm and cuddly word that contains a wealth of potentially terrifying consequences, while highlighting that employers will face enforcement issues on the Pensions Auto Enrolment front.  There was a time, when qualifying for a company pension scheme was one of working life’s little package benefits. However, as a number of people reaching pensionable age in recent times have discovered, what might have been promised could be somewhat impossible to quantify and even more unfeasible to touch. Something had to change and it did, in the
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Future-proofing by judicious pension planning

The irony of the pension scene lies in the fact that we never know we need it, until we do, although the golden olden days of perks-packed employment packages is now past its comfort zone. According to a recent survey, around 30% of British employees are unhappy with their little lots and would change jobs to obtain better benefits, a factor that includes pensions. While both contributory and non-contributory pension plans used to offer some form of protection for the future, a succession of unfortunate, although also understandable, pension ‘raids’ led to government intervention and a new legal framework for
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