The buzzword for pensions in 2016 is auto-enrolment, if you don’t know what that is or you’re not sure how it affects your company, you really need to talk to us … now!

Most employers / businesses are now very aware of the requirements soon to establish a Workplace Pension or Auto-Enrolment pension schemes for their employees. The larger employers have already reached their mandatory ‘Staging Dates’ with most small to medium business enterprises needing to implement their new scheme (or ‘qualify’ their existing schemes) over the next two/ three years. Many smaller employers will see their Staging Dates being reached over the course of 2016-2017.

It is clear that individuals in the UK are not saving enough for their retirement income because many people will fall short of their target income at retirement. With the pressures on the State Pension (DWP) increasing, many people will know of the changes to State Pension benefits for those reaching State pension age on or after 06 April 2016. The full new State pension is currently £155.65 gross per week. We are also aware that the benefits age for the State Pension is increasing from 65 to higher ages, such as 66 for both men and women from 2020 with further changes to follow (proposed age increase to 67 from 2026-2028 and then linked to life expectancy).

Qualifying pension schemes can be arranged through a range of providers to meet the needs of employers and their staff. Independent financial advice is important to be able to access these schemes, including the National Employment Savings Trust (NEST), if suitable.