I was chatting to a Friend last night about his small business. He was unaware that at some point in time, soon after 2012 he would have a legal obligation to pay contributions in to a Pension for his staff. His business is only small, he employs three people and he wondered why he hadn't heard anything about this before.
I couldn't answer his question but we did get in to a conversation about the fact that most people didn't really understand how much income they would have when they decided to stop working.
I think it is worse than that, I don't think many people have thought about how much money they need in old age. Unless you know what you need how can you ever know if you have enough.
Wouldn't it be fantastic if a business owner could help his staff understand these two things and rather than just providing the minimum compulsory contributions when auto enrolment comes along, provide a quality pension scheme.
What a great way to show that you value your staff.
Enjoy yourself
Mark
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