With Government plans now finalised to overhaul the UK’s rules around retirement, we consider how the proposed changes will affect business owners’ personal retirement plans - and how to prepare for the changes.
With pension schemes set to become compulsory for all businesses in 2012, we examine the work that needs to be done ahead of this workplace pension reform. For many business owners, the introduction of automatic enrolment will be the first time they will need to provide an employee pension and make contributions.
The new rules for high earners
From 6 April 2011, the maximum annual pension contribution on which you can obtain tax relief will fall to £50,000 (current allowance potentially up to £255,000), limiting the scope for companies and individuals to shelter tax. This issue of Red offers advice on how to maximise contributions for Company Directors and high earners.
Finally, with the default retirement age being abolished, we look at whether businesses will be ready to adapt to an ageing workforce.
Remember, we are here to advise you and keep you up to date with changes that may affect your business. Contact us if you need any help.
|Andy Minifie, Managing Partner|
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