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Take steps now to prepare for the 2012 pension reforms

Due to an ageing population the government estimates that around 7 million people are not saving enough money to meet their retirement aspirations In order to make provision for this, pension changes are being implemented starting in 2012.

The government has developed plans to introduce workplace pension reforms in order to encourage more people to save in a private pension. From 2012 employers will be required to automatically enrol all eligible job holders into a qualifying workplace pension and to make minimum contributions into it. This includes all jobholders in Great Britain aged at least 22 years old who are not State Pension age and are earning more than £7,475.

Jason McLaughlin, Partner at McLintocks comments “There are major considerations for employers of all sizes, whilst the impact is not immediate the processes need to be put in place now as matters such as future remuneration, salary package sand administration procedure may need to be tailored to factor in the substantial additional costs.

We have produced a guideline document which provides an overview of the changes, how they could affect your business, and advice on how to prepare your business and staff for the changes.

Download your complimentary 2012 Pensions Reform PDF

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