Small Company Pension Schemes
If you own a small company then offering a company pension scheme might seem like a daunting prospect, but with a number of options available it is possible for even the smallest business to run a successful pension scheme.
Small companies generally don't have as much space to manoeuvre financially as their larger counterparts, so budgeting to allow for pension contributions to a company pension scheme can be more complex. However, offering a pension scheme could enhance employee loyalty and boost morale in your company.
Changing pension law means that by 2017 all existing companies including small companies will be obliged to offer employees some form of company pension scheme.
Currently only companies employing five or more employees is required to offer a pension scheme. If your small company does not yet have a pension scheme, now might be the time to start researching you options. Some of the things that you will need to consider are:
- How and when changes coming changes to the law will affect your business.
- How much your company can afford to contribute.
- What type of pension plan you want to offer.
For a brief overview of of the different types of pension scheme that may be available to you visit our company pension scheme page.
For further advice and information on the best scheme for your small company we recommend you talk to an independent company pension advisor from one of our partner firms for a free initial consultation.
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