PENSIONS!!

Studies suggest that millions of people of working age in the UK are living without any private or company pension. This could lead to individuals facing years of financial hardship during their retirement.

With this ageing population it is vital that you consider the options for your retirement whilst there is still time to plan ahead.

Auto Enrolment is a new law that means that every employer must automatically enrol workers into a workplace pension if they work in the UK, earn more than £10,000 per year and are aged between 22 and the state pension age. This scheme will be introduced gradually over six years.

Firms with less than 50 workers will not start enrolling their staff until June 2015 at the earliest but even the smallest employers will eventually be obliged by law to enrol their staff.

Part time workers who earn less than £10,000 a year can ask to take part. If they earn above £5564 their employer will also be obliged to contribute.

Employees are able to opt out of this scheme if they fill in a form within a month of the scheme beginning in their workplace.

To find out more about Auto Enrolment and how Business Works can help you with your business pension scheme please attend one of our seminars.