26 . Glasgow Business July/August 2013
ADVERTORIAL
WORKPLACE PENSIONS – WHERE DO I START?
L
Family Asset Protection Company has the answer The Family Asset Pension Trust
et’s think outside the pensions box, and choose the solution that will go the extra mile to solve
your pension puzzle. Our unique pension solution
will provide you with: » A simple procedure to set up your scheme »Help with installation and training » A soſtware package to meet your reporting obligations to the pension regulator » Straightforward documentation for you and your employees » Clear and easy to understand investment options » Proactive management of your pension funds » Competitive charges » Online access to information and dedicated helpline. Almost every employer and
employee in the country will, by now, have seen a lot of the publicity surrounding the new rules regarding workplace pensions. Legislation has been passed that will require employers to automatically enroll every employee subject to age and salary criteria, whether they are part time, full time or even seasonal workers in a “qualifying” pension scheme. Te number of employees in a business will determine the date by which time you as an employer must comply with this legislation. Depending on the number of employees within your business, the deadline could fall anytime between now and 1 April 2017. Pensions are very important for all employees, as they help provide
long-term financial stability for members. Tey also promote good relations in the workplace as employees appreciate the provision of a high-quality staff benefit. Te pension plan can be further enhanced if combined with death in service benefits and group medical insurance for members and their families. Tese enhancements to an employee’s benefits package manifest themselves in improved staff loyalty. Te government is now driving
the issue forward and the onus will fall on the shoulders of employers to meet their obligations under auto-enrolment. Tere is a danger that pension providers may struggle to cope with the volume of new schemes as businesses with fewer than 100 employees begin to reach their staging dates in 2014. If you miss your staging date for seting up your workplace pension, the penalties can be severe. If you employ between five and 49 individuals, the penalty for non compliance is £500 per day. If you employ up to 249 employees the penalty rises to £2,500 per day. It is also not quite as simple as
offering employees access to a pension scheme. You must automatically enroll every worker in the pension scheme. If an employee doesn’t wish to join, you must automatically enroll them again in three years’ time. You, as the employer, must also contribute to the pension on behalf of your employees, and you must submit a report to Te Pension Regulator on a monthly basis to evidence the fact that you are continuing to comply with your auto-enrolment obligations.
We at Family Asset Protection Company are constantly looking for ways to provide support to small to medium-sized businesses. Te advent of the new
mandatory workplace pension regime represents a challenge for all businesses that we want to help you meet. We have, therefore, appointed
Family Financial Services Limited to assist in this process.
It’s a unique bespoke workplace pension designed specifically for all businesses regardless of size
Family Financial Services Limited has arranged with specialist providers Carey Pensions UK to make its Carey Workplace Pension Trust available to all businesses large and small, using Quilter Cheviot’s investment platform, which facilitates management and maximises cost efficiency, providing a simple enrolment process to ensure compliance with the timetable laid down by the Government for auto- enrolment. Te scheme, which is
named Te Family Asset Pension Trust, is available exclusively through Family Financial Services Limited. It’s a pension scheme
where we have driven down costs to provide you with a quality pension product with very competitive charges.
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