After the announcement of the Government initiative to increase private retirement savings within the UK, Frank Taylor & Associates introduces its new low cost workplace pensions scheme.
Workplace pensions are quickly becoming the biggest topic that UK businesses are facing and as a practice owner and employer you have a legal requirement to provide and contribute to a scheme for all eligible staff working within your business. And, with big fines for non-compliance, it is vital you have a plan of action.
Taking some initial steps now will certainly help you along the way. For example:
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Make sure you know your 'staging date' – this is the date on which workplace pensions go live for your business
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Determine which employees in your practice are eligible to join the scheme
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Benefit from cost savings by putting plans in place early
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Start to tell your staff as much as you can beforehand
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Make sure your systems/processes are in place
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Get the right advice.
Many employers assume this is all being managed by their accountant or payroll provider; however, our experience shows this isn't the case so you need to ACT now as you are the one legally responsible to implement a scheme.
If you are unsure where you stand and want to find out more about workplace pensions and the efficient, low cost solution available via Frank Taylor & Associates, call 0330 088 11 56 or visit www.ft-associates.com.
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Workplace pensions are coming... Act now!. Br Dent J 219, 143 (2015). https://doi.org/10.1038/sj.bdj.2015.627
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DOI: https://doi.org/10.1038/sj.bdj.2015.627