With changes in pension legislation due to come into effect on Monday, October 1, a Cornish firm of independent financial advisers have launched a free helpline.
Worldwide Financial Planning, which has offices in Truro and Wadebridge, has created the service to support employers get to grips with the introduction of Government’s new Workplace Pension and Auto-enrolment scheme.
Businesses across the South West can gain access to one of Worldwide’s pension specialists by calling 0800 0112825.
Andrew Stallard, who is on Worldwide’s pension team, said: “The changes in pension legislation will impact on every business, employer and employee in the UK.
“The Workplace Pension reforms mean it is now the responsibility of employers to make sure employees are automatically enrolled into a pension scheme and informed of this.
“It also means that employers will be required to pay pension contributions for any employees who join, and stay in, the scheme.
“Existing workplace pension schemes will have to make changes so that they comply with the new legislation.
“And, if that’s not a concern, then the Pensions Regulator will police and enforce these new laws.”
The change has been introduced by the Government to try and address the potential pensions time bomb that the country is facing.
Andrew added: “Currently 750,000 employers have no workplace retirement scheme in place, while it is estimated that 7,000,000 people in the working population are making insufficient savings for the future.
“What’s even more worrying is that most people earning between £5,000 and £25,000 make no pension contribution whatsoever.”
According to Worldwide, businesses have two options.
“They can either wait and let someone who knows nothing about their business set up and run a pension scheme for their employees,” said Andrew.
“Or, they can contact specialists, like us, through the free helpline and set up their own scheme that they can retain complete control over.
“And remember, pensions are an allowable business expense.”
For more information, please visit www.wwfp.net/auto-enrolment.html or call 0800 0112825.