Pensions

Pensions

In force since October 2012, this legislation places the onus of pensions firmly onto the employer by making them “auto-enrol” all relevant workers into a qualifying pension scheme.

For many small employers (less than 50 employees) the compulsion to meet this legislation came into effect in 2015.

Apart from the auto-enrolment of employees & workers, there is a requirement for both employer and employee to contribute to the scheme. The minimum contributions are 3% employer, 4% employee & 1% by way of tax relief paid directly into the individuals’ pension pot. Again these minimum contribution levels will be “phased in” over the first 3 years after the company’s staging date. 

How does the Pension Act 2008 affect your business?

  • Employers are now required to automatically enrol eligible employees into a pension scheme.
  • Employers are now required to pay pension contributions for any employees who join and stay in the pension scheme.
  • The Pensions Regulator will police and enforce these new laws.

How we can help?

At La Playa Financial Management we understand your organisation; we can help lessen the pain by…

  • Reviewing your existing pension scheme to ensure compliance with the new laws
  • Helping you offset the financial impact of these new laws on your organisation through smart approaches such as salary exchange
  • Helping you put a scheme in place, if you don’t have one!

We’re able to offer advice through the entire solution, as well as providing ongoing information and support. We’re also happy to offer a free, no obligation review of any existing arrangements you may have, and when and how this legislation will affect your organisation.

Brief background

The pension and retirement landscape is changing. Many people will have to work beyond 60 or 65, and the state cannot continue to fund people’s retirement. As of 2012 the onus is now on employers to ensure that their employees save for their retirement, with a “Qualifying Workplace Pension Scheme” or QWPS. The employer can establish a scheme or enrol employees in a national (but privately run) scheme called “NEST” (National Employment Savings Trust), previously known as “Personal Accounts”.

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Very impressed with La Playa and the staff. Feel as though they understand the company and the needs! Staff are always very quick to pick up any inquiries that are made and respond quickly, always giving us the support that we need. Thank you!

Jodie M, Managing Director, Theatre Company

 

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You can call us to talk more about your business on +1 646 665 7737

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About La Playa Arts & Entertainment

Specialist & Independent

Specialist & Independent

The arts present a very specific set of risk exposures – and now your digital and online risks can expose you globally. We understand the risks and pressures you face - and we speak your language. We’ll support you with great advice - helping you make good decisions for your organization.

Our policies can help streamline costs, and we’ll always help you stay ahead of the game in managing risk. The show must always go on - insurance isn’t just about processing a claim, it’s about thinking laterally to solve challenges and problems fast.

At La Playa, we’re passionate about the arts and creative industries – many of us are practitioners and active consumers; in fact, La Playa founded the first ever corporate art collective!

Advice You Can Trust

…from an expert who understands you

  • Specialist insurance for entertainment and the arts
  • Independent professional advice
  • Relationship-based service: right beside you when you make a claim
  • “Can do” culture
  • Seamless insurance across US and UK

 

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