A panel of beauty, business and hairdressing experts
solve your real-life business dilemmas
THE PANEL
Q Have you any advice on the new pension changes due to come into play by 2012?
BARRIE: It’s good to encourage and support a pension, I’d recommend getting an expert in to talk to the team about it.
NICK: I agree with Barrie, but make sure your expert discusses it at the right level and why it’s massively important. It’s a complex area but paint a picture for the team, as it doesn’t have to mean a massive money commitment for each employee. They can contribute anywhere from 2 per cent.
SEAN HANNA (audience): By 2012 all employers will have to offer pensions and contribute between 3 per cent and 5 per cent by 2017. The reports mean that you might have to look at adjusting the pricing structure and wages to be able to afford this.
CAROLE: Yes, the National Employment Savings Trust (NEST) is the name of the UK pension scheme. It’s a three-tier contribution to pensions from the employee, employer and government. The legislation slipped under the media radar and it will be costly, but there will be an opt-out for employers at some point in the future. There was a big fuss when the national minimum wage was raised and there will be for this, but you’ll have to restructure to accommodate for the extra expense.
STEVEN GILES (audience): This legislation is based on the Australian three-tier scheme, which sees employers contributing up to 9 per cent towards pension funds. No one seems to be fighting for small businesses on this.
For more information on NEST see nestpensionguide.co.uk/category/nest/
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