Are You Ready For New Pensions Regulations?
New Pension regulations have recently been introduced making it compulsory to enrol your employees in a workplace pension scheme.
Manufacturing NI are recomending that members seeking a simple solution should consider the scheme presently operated by the construction Employers federation in Northern Ireland. Details are below:-
New legislation introduced from 1 October 2012 makes it compulsory for all employers to enrol eligible workers into a qualifying workplace pension scheme and make contributions on their behalf – employees must also contribute.
This process, known as Auto-Enrolment, is being phased in over a number of years and will impact larger employers first, reaching all businesses by 2017. As an example, companies with over 250 employees will need to be ready to auto-enrol their employees by February 2014 whilst for those with over 60 employees the date is July 2014.
This may seem a long time away but the Pensions Regulator is recommending that businesses need to start planning for auto-enrolment at least 12 months before the specified date, in order to ensure that they meet their legal requirements on time.
Workers Pension Trust
Workers Pension Trust is a new pension scheme, operated locally and open to all businesses in Northern Ireland.
We have been operating a pension scheme for the construction industry from our Belfast office since 1982, with both telephone and field based support for member companies. We currently administer the pension requirements of hundreds of companies and thousands of employees across Northern Ireland.
Workers Pension Trusthas been developed using this experience,to help employers meet all their auto-enrolment requirements, whilst offering the following benefits to local businesses.
• No set up cost for employers
• No minimum or maximum number of employees
• No shareholders
• Local and personal service
• Suitable for all employees
• Flexible contributions with no limits
• Transfers permitted
• Simple administration
To find out how Workers Pension Trust can help meet your auto-enrolment requirements, call Iain Ferguson on 028 9087 7142 or email firstname.lastname@example.org