In October 2012, the Government introduced workplace pension reforms known as auto enrolment. These will impact on every employer and they will need to prepare for these changes.

As a company director or business owner, it is your obligation to understand what a Qualifying Scheme is, what the process will be, how it will work, what duties you must comply with and, perhaps most importantly, when to take action.

From April 2018, contributions are made of an employer's contribution of at least 2%, and a member contribution of 3% (this will receive basic tax relief), making a total of 5%.

From April 2019, the employer contribution increases to 3%, and the member contribution increases to 5% (this will receive basic rate tax relief), making a total of 8%.

If you have an existing pension scheme, it may be that this can be used to meet your obligations. If it doesn't or you don't have a scheme in place, then you will need to decide how best to meet the requirements of the pension reforms. A proper strategy is essential as employers need to be mindful too of the requirements and restrictions of the Financial Services Act.

We can help you understand the issues and requirements of workplace pensions and offer guidance to ensure your business complies with the new rules.

The value of a pension will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.