I run a small business and employ just over 70 people at any one time. After hearing about new pension reform rules which will be introduced from next year I have decided to arrange a meeting with a consultant from Occupational pension review. There are a few questions which I have jotted down and intend to go through with the consultant, but would be interested if anyone else has any other ideas.
Firstly I would like to know the exact date when I will have to have a Pension scheme in place and be paying in on behalf of my staff. I hear this date is different depending on the size of your company so I feel this should be my first question. Secondly I would like to get a breakdown of which of my staff would have to be enrolled, as I assume my 16 year old part-time staff would not require a pension contribution! Thirdly and most importantly I’m looking to find out how much it would cost to set up, and to administer each year, along with an idea of how much the contributions will cost me. If there are any other options regarding how the scheme should be set up then I’d be interested to run through them.
Finally I’d like to know how I can reduce overall costs.
If anyone can think of areas I haven’t considered then I’d be grateful to hear from them.
Tags: Blog, Occupational Pension, Options, Org Uk, Part Time, Pension Contribution, Pension Reform, Pension Scheme, Small Business, Time Staff