Business leaders across the West Midlands have been warned not
to bury their head in the sand over impending pension reforms.
With less than two years to go until the change, which will
force employers to enrol their workers on a pension scheme and make
contributions from 2012 onwards, experts advise businesses to take
action now in order to avoid a shortage of specialist advice and
help later, as more firms face-up to the task.
Birmingham-based financial services provider Jobson James have
organised a free National Employment Savings Trust (NEST), seminar
at the Birmingham Chamber of Commerce on 1st March, with the aim of
helping bosses to avoid the pitfalls of the forthcoming
changes.
The event will give employers the vital information they need to
prepare their company for the changes, which are not optional and
will see all employees automatically enrolled on a pension within
three months of starting work. Companies will also have to pay
pension contributions and will have to comply with the scheme even
if they already have a workplace pension in place.
Jobson James have voiced concerns that although 2012 may seem
far off, as more and more employers look to set up systems in their
own businesses, those left behind could struggle to find available
help. Those who fail to meet the regulations will face severe
penalties, including a daily fine of between £500 and
£5,000, depending upon the size of the organisation's
workforce.
Miles Goodworth, Director at Jobson James, said:
"The seminar will provide all employers with a valuable insight
into what they need to do in order to prepare for the impending
pensions reform from 2012 onwards. The pension reform is happening
and employers will not be able to bury their head in the sand, they
need to get advice and implement an action plan."
The seminar will also reveal how companies can check to make
sure their existing pension scheme meets with the new regulations,
how businesses can ensure they have the most cost effective
solution, where help to set up a pension scheme can be found, the
minimum contribution levels, and how companies should communicate
with staff to make the most of the new rules.