Robinson Reed Layton Hold Auto Enrolment Seminar
By Eventy - Marketing & PR | Thursday, February 20, 2014, 16:17
Cornish accountancy firm Robinson Reed Layton, based in Truro, held a seminar at the Penventon Hotel in Redruth today in association with Taxwise Rewards, on the new pension auto enrolment rules.
James Bailey and Team from Taxwise Rewards
The seminar focused on providing business owners and employers with information and advice about the new pension schemes, in order to provide a greater understanding about how it will affect them and their businesses.
The largest employers have been required to provide a specific type of pension scheme, and to enrol their employees on it, since late 2012.
The process continues, and by 2018 all employers will be required to have set up and enrolled virtually all their employees on a pension scheme – except for any employees who make the positive decision to opt out.
James Bailey, Tax Partner at Robinson Reed Layton said:
"I was pleased to see such a number here to find out more about auto enrolment."
James continued: "It is important that businesses understand the implications of the new schemes and the effects they will have. It was important for us also to highlight the problems associated with the new rules and to offer advice as to how they can best be overcome."
Under the new rules, employers will be required to make contributions for each employee - this is currently set 2% of the employees "qualifying earnings", rising to 3% by 2018.
The obligation to contribute to a number of employee's pensions will impose significant additional costs on all businesses and many small Cornish businesses will struggle to meet the costs of the new schemes.
During the seminar, Taxwise Rewards provided a 'question and answer' session that allowed business owners and employers to find out further information about any aspects of the schemes.
David Passfield at Taxwise Rewards said:
"It is vital that business owners and employers understand the full implications of the new pension schemes and how it will affect their business, both in the short term and long term."
David continued: Our 'question and answer' session proved successful and saw many people voice their opinions and concerns about the scheme, which allowed us to offer our advice and reassure them."
For more information or advice about the new pension reform and auto enrolment schemes please contact Robinson Reed Layton on 01872 276116.