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Setting up a small company staff pension plan |   |
"Setting up a pension scheme for your workers can be a great way of showing them you are a responsible, caring employer. More practically, it can go a long way to encouraging your staff to stay loyal.
The first thing to decide is how much the firm can afford to pay into the scheme. There is no point in setting up a scheme so generous that it threatens the viability of the firm.
The second is to decide whether you can set up and run a scheme in-house or whether you would be better outsourcing to a specialist.
Since 2001 a small business with at least five employees must offer a stakeholder pension scheme by law, although there is no obligation to contribute to it."
Read the full article in the Times.
Posted February 14, 2005
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[September 16, 2008] Despite the daily media coverage of the "credit crunch", new data reveals that the major high street banks are still lending to small businesses. In fact, term lending actually grew by 11% in the year to June 2008.
[September 8, 2008] An expert report into the Government's planned shake-up of small firms' pension schemes via the introduction of "personal accounts" suggests that many existing schemes will be forced to close as they won't meet the proposed exemption tests.
[September 2, 2008] As new figures show that most SME's have already been affected by the slowdown in some way, Bacs have provided some tips to encourage prompt payment from clients.
[August 7, 2008] With quite ironic timing, it appears that Government funding has ended for a well-known late payment advice site, the Better Payment Practice Group. The organisation was initially set up to encourage businesses to improve their payment practices.
[August 5, 2008] A law firm has urged small companies to review their finances after the Bank of England revealed that cash balances held with banks has dropped for the first time in a decade.
[July 17, 2008] New Conservative proposals have been announced which would create a new fast-track judicial process for distressed companies, as an alternative to administration, based on the best aspects of the American "Chapter 11" system.
[July 8, 2008] We spotted a good article in the FT last week which provides an interesting insight into the role of Finance Directors in new start-up businesses.
[June 27, 2008] Following the implosion of the mortgage market in recent months, a large number of mortgage companies have pulled many of the most attractive deals, with self employed people affected more than most. Deals are still available, but cheap credit is a thing of the past.
[June 3, 2008] Businesses are being urged to take a tough line on late payment, after fresh figures revealed the rising number of insolvencies.
[May 9, 2008] The latest figures released by The Insolvency Service show that the number of businesses being forced into Administration or Receivership by their creditors has surged in the first three months of 2008.
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