Acknowledging that there is still a lot of confusion surrounding the changes to pension regulations The Best of Walsall asked Four Oaks Financial Services to give a presentation on Auto Enrolment and how this effects small and medium sized businesses. Martin Ward, Four Oaks Managing Director delivered the presentation which focused on company responsibilities and what is required to meet the compliance requirements of the Auto Enrolment Regulations.
Most businesses know that the law on workplace pensions has changed and every employer in the UK must put certain staff into a pension scheme and contribute towards it, this is called Auto Enrolment. However, how this effects their business is something that many small businesses are struggling to understand and implement.
There was a Q&A session at the end of the presentation and Martin Ward said “The questions were pretty much what we get asked all the time. For example, a company director with one employee who has got their own pension thought that Auto Enrolment wouldn’t apply to him, but it does.”
About half of the businesses in the room had got their Auto Enrolment company pension scheme sorted, some were half way through the process and some hadn’t yet done anything about it. The businesses who were from Sutton Coldfield, Tamworth, Walsall and Lichfield, all received a copy of the 20 slide presentation and seven of them have booked meetings to get advice from Four Oaks.
Martin continued, “It is essential that businesses don’t leave it until the last minute to get advice on their company pension scheme and Auto Enrolment compliance. The last thing any business wants is to get stuck with a scheme they don’t really want.”
The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.