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2. Take expert legit advice from a solicitor in relation to the employment elements and in conjunction with an self sufficient financial advisor in relation to the pension elements.
The NEST option is specifically designed for employers who do not have or do not wish to set up their own automatic enrolment scheme with a pension provider. The scheme is designed to be:-
Low fee
Specifically aimed at low to medium earners
Micro employers
As an employer what must you do about pensions now? We would suggest the solution is as follows:-
Many of our customers pay a small monthly fee for our HR Helpline service which allows them to search for and achieve authorized advice on these issues without excess fee. If you'll like a quote for your business please contact us now.
National Employment Savings Trust - Advice
Our employment law expertise includes wrongful dismissal, unfair dismissal, and discrimination at work, discipline and grievance subjects, restrictive covenant disputes and compromise agreements.
1. Make provision within your cash waft for the further bills on payrole of between 1-3 %.
Our employment law solicitors advise regularly in the following geographical regions Shrewsbury, Telford, Oswestry, London, the City, London City, Birmingham, Manchester, Leeds, Southampton, Wrexham, Chester, Wolverhampton, Swindon, Winchester, Alderely Edge, Southampton, Newcastle, Stole on Trent, the Midlands, Shropshire, Cheshire, North Wales and our employment law solicitors can advise UK wide on all aspects of employment law by Skype, telephone conference, email and of course in grownup.
However the NEST Scheme has a bunch of restrictions. Firstly there is a basic ban on transfers in or out by those who contributed to their pension.
Bennett's Legal employment solicitors are readily available to discuss your wants on 0844 472 2378 and are primarily based at our Shrewsbury office but offer advice UK wide to customers. We act for employers and employees.
The investment options are again limited with NEST. Again financial advisors particularly self sufficient financial advisors are concerned about this and if that is a concern for you we would strongly advise that you talk to an self sufficient financial advisor as part of your business planning process and planning for the introduction of auto enrolment, employers obligations and NEST. If you are a patron of ours we have advisors who are used to working with us who can assist you. We work with a good sized number of IFA's and are not tied to anyone.
The death in service benefits which can be paid from a NEST pension are potentially structured in a technique which is less favourable from an inheritance tax perspective although the final rules have yet to be clarified in both the pensions industry and self sufficient financial advisors who have been drawing this to the attention of the Government and the legislation is not resulting from be completed for some months yet. For example of Department of Work and Pensions published draft regulations in July 2011 which have yet to be adopted and can be tailored to therapy this and other potential defects.
Secondly there is an upper contribution limit of 3,600 per annum. For employers with higher earning employees this is often insufficient.
If you would like an employment law solicitor why not call our award winning team (UK Small Law Firm of the Year 2011) on 0844 472 2378 or email us for advice on employment and business law and compromise agreements.
NEST might be used in conjunction with a provider scheme for example workers who are on probationary periods or a section of low pay workers within the workforce.
3. Liaise regularly with your advisors during this point until it is introduced because the regulations are changing and whilst the cash waft implications might be ascertained at this stage the other effects will need to be scheduled into your business plan over the coming months and years.
Conclusion.
As specialist employment lawyers we act in numerous high significance cases and offer customers expert employment lawyers in respect of all issues.
Thirdly there are limited retirement options and it is apparent that workers will be more limited in their choice of pension options at the point of retirement. Independent financial advisers are concerned about this but that is outside the scope of this blog as we are not authorised to give financial advice by the Financial Services Authority. However limited retirement options may have a influence on potential recruitments and potential for staff to leave the business to secure a closer package elsewhere.
As Shrewsbury's only boutique employment law firm our solicitors regularly see subjects that your average High Street law firm and their employment law solicitors simply rarely see. In part resulting from our specialism and in part due our UK wide coverage.
Expert employment law advice from a Solicitor is needed from the problem of pensions and options to minimize the pension bills.
