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Successful business leaders have all the information they need to make good decisions…Do You?
Thursday, June 02, 2011
This client has not been a repaet user of the Business Payment Support Service, unlike many businesses. I wonder what would happen now if they did request a further Time to Pay arangement? Are they saying they would not get one?
Is this an interesting development? We would be interested in any comments below on experience from any readers.
Wednesday, June 01, 2011
A recent study of 300 businesses by BBS consultants & Actuaries shows that employers are unprepared for the new legislation with 87 per cent of respondents reporting they had yet to agree their policies on dealing with the measures
Considering the changes
NEST – the National Employment Savings Trust – is designed specifically to encourage lower earners to start making provision towards their own retirement. The scheme will use a combination of compulsion and incentive to maximise participation and thereby offer a savings solution for many workers who have so far made no independent arrangements of their own.
The compulsion will come by making enrolment automatic whilst the incentive comes through enforced employer contributions and tax relief, which will double the amount the employee, invests. An employee has to actively opt out – every year – if they do not want to be involved.
Employers like yourself are therefore now faced with a number of decisions: -
- What are the costs and how will you fund them?
- In addition, what more flexible arrangements can you offer to retain higher earners or incentivise more valuable employees?
- Alternatively, does your existing scheme meets the new criteria and therefore be allowed to continue in place of the Government’s plan?