As employers across Bedfordshire prepare for compulsory staff pension schemes under new legislation, a Leighton accountancy firm is launching a scheme designed specifically for small businesses.
David Masterson who runs TaxAssist Accountants in Leighton Buzzard and Dunstable, said: “For small businesses the law is being phased in over the next few years, but we’ve had a lot of small business owners coming to us with concerns over the impact this legislation will have and looking to establish their own pension plan.
“In response to this we’ve teamed up with national independent financial advisors, Independent Financial Services (UK) Ltd (IFS), and major pension providers, Scottish Widows, to put together a pension scheme specifically for small businesses.”
Paul Baker, MD of independent financial advisers, IFS, said: “Many small businesses are recognising that by planning ahead, the cost of pension provision can be phased in. This makes the whole process easier and from a cash-flow perspective, much more manageable. We’ve devised this scheme to minimise the administrative burden on hard-pressed small business owners, making it as easy to set up and run as possible, with full compliance assistance and on-going support available.”
The Pensions Regulator will police and enforce the new law, which means that qualifying employees will need to put 8% of their earnings into their pension pot, with at least 3% of that total contributed by their employer. Employers with 49 employees or less could face a fixed fine of £400 plus additional daily penalties of up to £500 for failure to comply.
For more details call 01525 352 119.