Advice for businesses

Bridge Investments provides financial advice for businesses. We have identified two key concerns for small business owners that we can help with, firstly employee pension legislation and secondly the loss of business critical employees, due to death or a life-threatening illness. Our advice sheet for small business owners provides advice on both these topics.

As part our service we can help you manage the key question – how am I affected by the new pension legislation that was introduced in 2012? Take a look at the guide and some of the considerations below:

What will happen?

The size of your organisation will determine the speed at which the legislation will have an impact on you, and of course the extent to which you are already addressing your employees pension needs.

Why is it being done?

The Government estimated as many as 7 million people were not saving enough for their retirement and acted upon it by introducing automatic enrolment.

How will it affect me?

Automatic enrolment applies to employees aged 22 to state pension age earning over £833 a month. For more details on eligible jobholders see our advice for small business owners guide.

Employers will have to make a minimum contribution into these worker’s scheme. These employees have a right to opt out but it is illegal to induce opt-out.

Employers can choose which scheme to enrol their workforce in, as they currently do, but the new laws set out certain legal standards that these schemes must meet to comply with the legislation.

NEST is just one of these scheme and is regulated by the Pensions Regulator. It is a non-departmental public body that operates at arm’s length from government and is accountable to Parliament, through the Department for Work and Pensions.

For more information on whether NEST is a good option for all, or part of your workforce, and to discuss alternatives that might be more suitable, contact Bridge Investments now.

We hope you find this guide useful. Please contact us if you require further information, or if you have any suggestions on additional topics you would like us to cover.