Wednesday 19th January 2011 - Published by Lara Page - Account Manager

New pensions rules are unavoidable – act now!

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.”