Is your company ready for new rules regarding business pensions? If you're not aware of the changes being implemented from 2012 then it would be advisable to run through the impending legislation and assess how it will affect you.
The main requirement is for all employers and employees to go through a process called Auto Enrolment, which means they will have to begin paying into a designated business pension scheme. The exact date (known as your 'staging date') where a company would have to make payments, will depend on the size of your company, and the amount you pay in will increase gradually but the aim is for all employers to eventually pay in 3% of yearly salary, employee to pay 4% and with 1% tax relief from the government meaning a total of 8% of salary will be paid in each year.
If the employee does not want to pay into an business pension scheme then they can opt out, which will mean that their employer is not required to pay into the scheme on their behalf. Read more...