Farmers must not ignore the workplace pensions deadline, NFU Mutual has warned.
Larger businesses have already begun their auto-enrolment pensions, which came into place on 1 October, and smaller business owners and farmers must now start making plans for their own workplace pension schemes.
“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,” said NFU Mutual pensions spokesman Steve Meredith.
“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.”
To find out your company’s auto-enrolment date, farmers and small business owners need to go online to the government’s pensions website with their PAYE reference number, he added.
“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.”