ELAS Comments as October's Pension Act Reforms Approach
ELAS, a leading, expert provider of business support solutions in the UK, comment on the Pension Act reforms taking place later this year and offer businesses advice on how to prepare themselves for the changes.
Online PR News – 28-July-2012 –Manchester, United Kingdom (12th July, 2012) – ELAS, a leading, expert provider of business support solutions in the UK, comment on the Pension Act reforms taking place later this year and offer businesses advice on how to prepare themselves for the changes.
The Pensions Act will place a legal duty on employers to enrol most of their employees into a pension scheme and contribute towards their retirement funds.
The reforms have been announced as part of the government’s plans to ensure that more UK workers are saving for their retirement; with seven million people expected to be impacted by the reforms.
Commenting on the reforms, secretary of state for work and pensions, James Purnell, says: "This act will fundamentally change the pensions' landscape for millions of people. If you are in some form of employment, you will have the chance to save for retirement."
A spokesperson for ELAS commented: “Employers must ensure they are ready to meet their obligations when the reforms come into force in October.
“To prepare for the reforms, businesses will need to decide which type of pensions provision to make for staff sooner rather than later. It will also become pertinent to examine any existing pension schemes in place to ensure that they meet the requirements set out by the act, and guarantee that your company’s payroll and HR systems will be equipped to handle the extra administration.
“To ensure that your business is well-prepared for the upcoming legislation changes and will be fully-compliant with the correct procedures, we advise any businesses requiring assistance to contact us.”
For more information on ELAS and their business services, please call 07881 944852 or visit http://www.elas.uk.com.
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