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Small business owners, especially those in charge of between one and nine employees, have been advised to start thinking about new pension laws that will come into force within the next few years. With many painting and decorating companies falling into this bracket, the advice should come in handy for them.
The Chartered Insurance Institute (CII) has offered the guidance in its new report, 'Advice Needed'. The organisation has found that 59 per cent of small businesses don't know what the changes to pension rules will mean for them, and that only 35 per cent have made any plans to enrol their staff in a workplace pension.
With the rules not coming into force for smaller companies until 2017, it's perhaps not surprising that so few have begun thinking about how they will meet the new requirements. However, once the rules are in place, all small businesses will have to automatically enrol their employees in a pension scheme and make contributions on their behalf.
David Thomson, director of policy and public affairs at the CII, said: "To be fully prepared for the pension reforms, businesses need to decide what pension scheme they will offer their employees, how they will initiate and administer the scheme and how they will advise employees on pension saving."
To learn more about the new rules, visit: http://bit.ly/Lv0Mhn
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