Business Water Savings
Government legislation states that all employees must be automatically enrolled on a workplace pension scheme. Large firms are already in the process of enrolling their employees on a pension scheme and now it is the turn of the smaller employer to fulfil the legal requirements of the Pensions Act 2008.
The Pensions Regulator has extensive powers. Initially, there is a one-off fine of £400 and then there are additional fines ranging from £50 per day for those who employ 1 – 4 people, £500 per day for those who employ 5 – 49 people and, firms of 50 plus risk a fine of £2,500 per day. This does not include the back-dated contributions that the employer may make on the employees behalf, which could run to thousands of pounds, depending on the size of the firm.
An employer can choose to ‘stage’ their workplace pension early, thus avoiding the possible ‘Capacity Crunch’ that is feared will happen due to huge numbers of employers enrolling on a scheme over the next 3 years, therefore leaving the employer without a scheme of their choosing. For example, all pension providers signed up only 11,000 schemes per annum until the start of auto-enrolment. This is due to rise to 110,000 schemes JUST for the last quarter of 2015.
All employers must ensure that their existing Pension Scheme is compliant with Auto-Enrolment. It is NOT automatic. Employers are advised to contact their Pension Provider for further details.
Who We Are
With a background in Law, Finance and Accounts, coupled with many years of running our own businesses, Partnership Business Services was founded on the principle of offering a comprehensive service to SME’s at competitive prices.
Our goal is to enable SME’s to find competitively priced services in one place. This reduces the amount of time businesses spend trying to find the best service for a great price.
Our own experiences in running various businesses showed that inordinate amounts of time were spent researching the internet finding appropriate service providers before making phone-call after phone-call, arranging meetings and discussing requirements. This was time better spent with the day-to-day running of the business!
We found that many SME’s became frustrated with the research process and generally accepted the first so-called ‘easiest’ option, regardless of whether it was the most competitively priced or if it fulfilled all the company’s requirements. This could have included hidden costs or service exclusions and limitations that were not clearly explained at the outset.
The aim of Partnership Business Services is to offer competitively priced services in a simple and straightforward manner. Our pricing is clear and transparent and our trusted partners are leaders in their respective fields.
Partnership Business Services Limited, 142 Victoria Road West, Thornton-Cleveleys, Lancashire FY5 3LG.