On the surface not a lot, however, dig a bit deeper and you will find that 2012 is an important year for both.
I won’t comment on the preparation for the Olympic Games but will comment on the preparation you might want to make prior to changes in pension legislation that will impact every business from 2012.
What changes are being introduced?
The Pensions Act 2008 contains a number of measures aimed at encouraging greater private pension saving. From 2012 it is planned that all eligible workers, who are not already in a good quality workplace scheme, will be automatically enrolled into either their employers’ pension scheme or a new savings vehicle, which is currently known as a personal account scheme.
To encourage participation, employees’ pension contributions will be supplemented by contributions from employers and tax relief.
If you do not already contribute to an employee pension scheme then your cost of employment will rise and you should consider how to prepare for that.
If you do contribute to an employee pension scheme at the moment you may also want to consider the impact of 2012 on that scheme.
Whatever your current circumstances, Lyndhurst Financial Management is here to help. We are a local firm that has provided financial advice to individual and corporate clients for nearly twenty years.
Tags: 2012, Olympic Games, Pensions
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