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The P word: It can’t be ignored
The ins and outs of the Pensions Reform Act 2008 and what it means for your retirement
On March 7th 2013, Begbroke welcomed CMS Financial and Scottish Widows’ pension’s expert, Phil Griffin to their first Breakfast Seminar of 2013. The team discussed the implications of the new pensions legislation and its impact on you and your business.
New pension legislation introduced last year requires employers to provide access to a pension scheme. The legislation comes into force in stages between now and 2017. Guest presenter, Phil Griffin, Pensions Development Manager for Scottish Widows, gave a concise and engaging presentation to Financial Directors, HR and Administration staff from SMEs and start-up businesses, outlining how the legislation will affect their business, when they need to act, and the consequences of not responding quickly.
The main message that could be taken from today is that timing is imperative. The state retirement age is being pushed back and as a nation our demographic time-bomb is ticking! Employers need to communicate with their staff. Being efficient and compliant at the outset will mean your ability as an employer to assess and categorise your workforce will become clearer.
David Marler from CMS Financial, the largest independent financial services provider in Oxfordshire, commented, ‘How beneficial it was to use Begbroke as a hub for reaching appropriate professionals on site and also within Oxfordshire.’
Phil and the team said the reform affects companies of all different sizes, and at very different times, but everyone needs to have a set up by September 2017. Once your scheme is fully operational, all UK employers should have access to a company pension’s scheme. For companies of 30 people or less the auto-enrolment staging date will need to be in place by April 1st 2017. Phil stressed you need to act early because in 2017 the other thousands of companies of a similar size will all want advice at the same time. Avoid the rush and take notice now!
For those attendees who work in Oxfordshire or manage a businesses, be it start-up or fully-fledged enterprise, questions were raised about the National Employment Savings Trust (NEST) automatic enrolment pension scheme, how much it was going to cost them, opting out and benefits to attract and retain staff.
Vivian Speck from Oxford Biomaterials Ltd. was interested in the impact it would have on employees on short term contracts. Questions were raised about the implications of investment in a work force that ebbs and flows.
If you missed today’s seminar please find the slides HERE
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Please see a brief message below from Pensions Development Manager, Phil Griffins, who has over twenty years’ experience in the pensions industry, to see what you missed out on!