FINANCE
Employees opt out of opting out
The number of people opting out of pension auto-enrolment is very low, according Leicester accountant Mark J Rees. David King (pictured), Wealth Management Consultant at Mark J
Rees, said that while employees can opt out of the pension scheme and the need to make contributions, very few are doing so. “We’ve managed the auto-enrolment of hundreds of employees so
far and only two have opted out. “That could be because the average employee is only initially
making a modest monthly contribution. And many may, indeed, be conscious of the merits of saving for their future.” Even smaller employers will have to sign up to auto-enrolment this
year. And David is warning them to avoid ‘a nudge, a kick or a fine’ in 2016 by complying with deadlines. “As 2016 progresses, those businesses yet to
do so will reach their ‘staging dates’, when their automatic enrolment duties come into effect,” said David. Every employer will need to assess who
they employ and determine whether they have any obligations under the legislation. Failure to do so could lead to financial penalties being imposed by the Pensions Regulator. The latest newsletter from the regulator showed
that 107 fixed penalty notices were issued in the third quarter of 2015, with a further 85 penalties for unpaid pension contributions. Penalties start at £400 and can be as
much as £50,000 for persistent non- compliance.
Funding starts at home
Key Fund – the country’s most prolific investor in community and social enterprises – has joined forces with Nottingham City Council to create a £1m fund for the region. The Nottingham Social Impact
Fund supports the development of new and existing social businesses, jobs and growth, offering loans from £5,000 to £150,000. Jon Denton, Key Fund’s Lead
Investment Officer for the East Midlands, said: “Many people aren’t aware that there is an alternative to mainstream investors. “We’re keen to invest in people
and businesses who want to make a profit and a difference in the city. Whether you’re just starting out or looking to expand and struggling to find investment, then we can help. “The fund is
open to all types of organisations, you just need
to convince us that your business really does have a social heart by telling us what you intend to do and how you’ll do it.” Key Fund has directly invested
over £40m since inception in 1999. Councillor Nick McDonald,
Portfolio Holder for Jobs, Growth and Transport, said: “Profitability shouldn’t be at the expense of people or the planet. “Nowadays, progressive and
forward thinking entrepreneurs are embedding socially-focused cultures into their business and helping to make a difference in their communities. “We believe that making a profit
and a difference in people’s lives is not only ‘business for good’ but ‘good for business’, which is why Nottingham City Council is thrilled to be joining forces with the UK’s
leading social investor, Key Fund.”
business network February 2016 47
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