Pension changes warning

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THOUSANDS of employers in the region do not meet the new pensions auto-enrolment rules which are being phased in, an accountancy firm has warned.

‘Many employers think that, because they already operate a pension scheme, they will automatically meet the new requirements. But this is not the case,’ explained Chris Murray, an employee benefits specialist and director at Smith & Williamson.

The government is bringing in auto-enrolment in order to target employers who are not offering a qualifying workplace pension scheme and employees who are not saving for retirement.

People of pensionable age earning more than £8,105 will be eligible for automatic enrolment, although contributions will then be based on earnings between £5,564 and £42,484.

To find out if you qualify, see smith.williamson.co.uk/auto-enrolment