The seminar took place at The Penventon Park Hotel, in Redruth, and provided useful information and expert advice about the new pension obligations for employers.
June Horne, Regional Development Manager at Sage, highlighted the seven key steps of preparing for auto enrolment and how Sage can help businesses smoothly manage the process, saying:
“Girls born today will live on average until they are 100. If they retire at 70, it is unlikely a government pension will be available for them to live on for their remaining 30 years – that is why every employer needs to engage with work place pension reform.
“We are delighted to assist Robinson Reed Layton help local businesses fulfil their employer obligations under pension reform and auto enrolment – as our longest established accredited accounting partner, Robinson Reed Layton can supply businesses with Sage software at a discounted rate.”
Roger Weeks, Finance Director and Financial Adviser at Jacksons Wealth Management, was also on hand as a pensions expert, highlighting pension scheme related issues relevant to auto enrolment and providing advice on how businesses can overcome the many obstacles they may face.
“As part of auto enrolment, every employer will have to have a pension scheme – however, they can only run one. If they already have a pension scheme they need to consider as soon as possible whether their current pension scheme is auto enrolment friendly or not. They will need to investigate the right pension scheme for their business and employees.
“Running the seminar with Robinson Reed Layton provided an excellent opportunity to inform and advise local businesses on what to think about when choosing a pension scheme and looking at the options available to them.”
The pension reforms began in 2012, firstly with the UK’s largest employers who were required to provide a specific type of pension scheme, and to enrol their employees onto it.
By 2018 all employers will have been required to set up and enrol all eligible employees onto a pension scheme, with employees only having the choice to opt out after they have been enrolled.
It is hoped that as a result of the seminar, those employers and business owners that attended will have a greater insight and understanding into how they will manage the new auto enrolment scheme.
Margaret Hawken, Payroll Supervisor for Robinson Reed Layton commented,
“As we currently run payrolls for over 150 local businesses, we have already helped some of these businesses complete their auto enrolment. I have enjoyed sharing my experience and advising these businesses on how they can run their auto enrolment smoothly.”
Paul Reed, Senior Partner at Robinson Reed Layton said:
“Robinson Reed Layton is dedicated to supporting Cornish businesses, so it was excellent to be able to offer them support and advice through the seminar. It is worth noting that by 2017, 3675 businesses will be registering their auto enrolment every working day, so it is important that businesses are prepared. The seminar provided the opportunity for us to use our expertise and knowledge to answer business owners’ many questions and we will be providing future seminars as auto enrolment gains momentum.”
Under the new rules, employers will be required to make contributions for each employee – this is currently set at a minimum of 1% of the employees’ “qualifying earnings”, rising to 3% by 2018.
The seminar addressed the key points of the new auto enrolment scheme whilst providing advice to those who may be affected, for more information please call 01872 276116.