The latest Clay Shaw Butler Money Matters column from the Carmarthenshire Herald

The latest Clay Shaw Butler Money Matters column from the Carmarthenshire Herald.
By Mark Jones, director of Carmarthen-based Clay Shaw Butler chartered accountants and business consultants.

A very wise man once told me, “If you’re not thinking about pensions, then you should be.”
Sensible words as we must all plan for the future.
The world of pensions is going through many changes.
The way you can access your personal pension pot has changed.
And there are changes for employers with the new auto enrolment system,
The Pensions Regulator (TPR) has published some guidance aimed at the 1.3 million small and micro employers who are preparing for pensions auto enrolment.
The guidance aims to help employers find a good quality pension scheme.
It is worth remembering that it is the employer’s choice when it comes to finding a provider. Some IFAs will offer to help guide the process, but at a fee, so it is worth looking at all options.
TPR research suggests one in five (290,000) employers will not seek advice when choosing a pension scheme, while one in 10 (130,000) do not know how to select a scheme, or think it will be difficult.
The information includes details of a list of 'master trust' pension schemes open to employers of all sizes, and which have been independently reviewed to help to demonstrate that they are administered to a high standard.
TPR have also made available a quick guide for small and micro employers on what to look out for when choosing a scheme suited to their needs.
They have also updated their webpage guidance to advisors.
Lesley Titcomb, chief executive of The Pensions Regulator, said: “'I strongly believe that the vast majority of the 1.3 million small and micro employers approaching automatic enrolment want to do the right thing.
“However, many will choose not to seek advice and will need additional support to meet their duties.
“We are committed to providing them with the information they need to make confident choices when it comes to choosing a quality scheme for their employees.”
If you would like help complying with your auto enrolment duties, then please do get in touch with the team at Clay Shaw Butler.
The Pensions Regulator website can be found at –
http://www.thepensionsregulator.gov.uk
The regulator is updating the suite of information and tools on its website to make it as straightforward as possible for smaller employers, many of which have little or no experience of pensions, to get automatic enrolment right.
Refreshed website content includes information to help employers find a scheme including, for the first time, a list of ‘master trust’ pension schemes open to employers of all sizes, and which have been independently reviewed to help to demonstrate that they are administered to a high standard.
The voluntary master trust assurance framework was developed by the Institute of Chartered Accountants of England and Wales (ICAEW) in association with The Pensions Regulator to enable auditors to provide independent assurance on scheme quality.
In addition, a quick guide for small and micro employers on what to look out for when choosing a scheme suited to their needs, and updates to website pages for IFAs and accountants, have been published.
The regulator’s communications material will continue to signpost employers to NEST, the scheme established by the Government with a public service obligation to accept all employers, the National Association of Pension Funds’ PQM READY site and the Association of British Insurers’ list of automatic enrolment providers.
Lesley Titcomb, of The Pensions Regulator, said:“Our research shows that large multi-employer pension schemes such as master trusts and group personal pensions are better placed to meet the standards we believe are necessary for good outcomes for retirement savers.
“The list we have published today will help employers more easily identify master trusts that have demonstrated they can deliver quality standards, alongside other schemes including NEST.
“I strongly urge other master trust schemes to follow the lead of those which have already committed to the voluntary assurance framework so that the choice of quality schemes available for employers continues to grow.”
You can find out more about money matters on the new-look Clay Shaw Butler website (under our news for business section) -
http://www.clayshawbutler.com/news/latest-news-for-business
We have a strong and experienced team with great local knowledge all geared-up to helping you get the very best from your finances – whether that is as an individual or as a business.
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