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Auto enrolment of pensions phased in from 1st October 2012
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All sizes of business will eventually need to take part
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Good advice and forward planning is critical to successful schemes
As large businesses start to implement their auto-enrolment pensions from 1st October, NFU Mutual, a provider of pensions and investments, is urging smaller business owners and farmers to start making plans for their own workplace pension schemes.
Steve Meredith, pensions spokesperson for leading rural insurer NFU Mutual, said: "A lot of farmers and rural business owners might think they don't need to be concerned about auto enrolment and workplace pensions. But they only have to have one eligible employee to be affected.
"The good news is that there is a long time for businesses with a small number of employees to prepare for these changes as workplace pensions are phased in over the next few years.
"Employers shouldn't stick their heads in the sand over pensions. They need to use this time wisely, seek sound financial advice and get their workplace pensions in place before the deadlines start to creep up on them.
"If you know the PAYE reference number for your business, you can look online at www.thepensionsregulator.gov.uk to find your company's auto enrolment date.
"More people need to make financial provisions for their retirement. A workplace pension scheme isn't necessarily the complete solution but it will be a good start for many employees who otherwise would not have any retirement savings."
For more information on workplace pensions and saving for retirement, contact your local NFU Mutual financial consultant or visit www.nfumutual.co.uk/pensions
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