As employers continue their preparation for compulsory staff pension schemes through the government’s auto-enrolment plans, TaxAssist Accountants has announced new partnerships to help it stay at the forefront of developments.
The national franchise network of small business tax and accountancy specialists, which has more than 45,000 small business customers across the UK, has teamed up with national independent financial advisors, Independent Financial Services (UK) Ltd (IFS), and major pension provider Scottish Widows, to establish a pension scheme which will enable its clients to comply with auto-enrolment.
TaxAssist Accountants’s business development manager, James Mattam, said: “Employers want to keep control of their employee benefits packages and have been asking our network about the implications of the new law ever since it was announced in 2008. Although auto-enrolment is being phased in for small businesses, many employers may not wish to rely on government schemes and are often looking to source a flexible pension scheme to suit their business. Because we’re a national network of accountants, we’ve been able to establish a scheme for small business clients which has features and benefits normally only available for larger organisations.”
Paul Baker, MD of IFS, said: “Many small businesses are recognising that by planning ahead, the cost of pension provision can be phased in. This makes the whole process easier and, from a cash flow perspective, much more manageable. We’ve devised this scheme to minimise the administrative burden on hard-pressed small business owners, making it as easy to set up and run as possible, with full compliance assistance and ongoing support available.”
The Pensions Regulator will police and enforce the new law, which means that qualifying employees who do not opt out will need to put 8% of their earnings into their pension pot, with at least 3% of that total contributed by their employer.