Feathering the NEST – what will auto-enrolment mean for your business?

Malmesbury based Richard Witcombe Financial Advisory Services are offering all local businesses the chance to attend a free educational seminar to learn about the impact the new pension reforms will have on their business.

The event being held on Thursday, November 25 will cover all aspects of the new National Employment Savings Trust (NEST) and auto-enrolment, as well as identify the issues all businesses regardless of size need to consider.

With an estimated eight million workers failing to save anything for their old age, NEST has been designed to try and get people into the savings habit.

Many workers don’t take up the offer of joining their workplace pension scheme, or simply don’t have access to one through their employer; instead they intend living off the state pension at retirement, which is one of the least generous in the Western World.

“NEST was one of the few things to survive the coalition Governments Comprehensive Spending Review (CSR) and has been catapulted into the spotlight since the CSR was published at the end of October” said Huw Jones, of RWFAS. “But while NEST has been making all the headlines, the ‘elephant in the room’ is really auto-enrolment.”

Starting in 2012 millions of workers will be auto-enrolled into the scheme without any active decision on their part, if they do not already have pension provision. While staff will have the option to opt out once enrolled, employers will be facing hefty fines and criminal prosecution if they coerce employees to do so.

It is estimated that over 1.2 million employers from across all sectors will use the NEST scheme, with the vast majority being small firms employing five of less members of staff.

Huw, who is the speaker at the event, explained “For small businesses already finding times tough, the contributions they will be required to make as well as the extra administration will be additional pressures, but auto-enrolment is not something they can ignore”.

“Our seminar is aimed at educating the business community on the potential impact, and also helping kick start their planning towards the implementation starting in 2012.

The seminar will be held on Thursday, November 25th from 6.30 – 8pm at Cedar House, Riverside Business Village, Swindon Road, Malmesbury, SN16 9RS.

To book a place or find out more please call 0845 345 3536 or email enquiries@rw-fas.co.uk