Don’t Bury Your Head in the Sand

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I am sure you will be aware that the Government has made changes to encourage people to save for retirement. Pension reform aims to help people to save for their retirement so they don’t have to rely on the State Pension when they retire. The Pensions Act 2008 introduced new obligations on all employers to provide access to a workplace pension scheme for most workers and this is being phased in over the next couple of years. It started with large companies last year.

The Pension Policy Institute estimate the total number of pension schemes in the UK at 44,440 in 2012. This is the total number currently being run by the entire UK pensions industry. The National Employment Savings Trust (NEST) estimate that up to 27,400 new schemes could need establishing in 2014, followed by 44,500 in 2015 and 447,050 in 2016. In other words, the number of schemes could increase 11 fold in 3 years. Where do you want to be in the process? Planning for an orderly transition to the new regime or scrabbling with the other 500,000 employers hoping you might have something in place in time?

If you would like more information on this, please contact us and we’ll put you in touch with a professional independent advisor who can help you get your scheme up and running.

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