Pension Auto-Enrolment Concerns for Small Businesses in Galway

Pension auto-enrolment has signalled a major concern for small businesses in County Galway, as the government seeks to introduce mandatory pensions for both businesses and employees from September 1st this year. “Many small businesses will experience difficulty in implementing pension auto-enrolment unless the costs and regulatory requirements are fully understood, and employers have a well-planned approach,” said Claire Mannion, Client Services Director of Claregalway-based Q Financial Advisors.

Small Businesses Worried

Q Financial Advisors launched the EmployersPensionHelpline.ie this week to help businesses prepare for the upcoming mandatory pension auto-enrolment contributions for all full-time employees earning more than €20,000 per annum. “It’s particularly harsh on smaller companies in the trades, catering, and retail sectors who have not had to contribute to a pension scheme for employees until now or do not have any pension scheme in place,” says Tuam native Claire Mannion, who has more than 20 years of experience in financial services and pensions.

Q Financial has established a specialist unit, EmployersPensionHelpline.ie, where financial advisors are available on call to help businesses navigate the new regulations and ensure their compliance with the new legislation. “We were meeting many small businesses who were panicking about the implications of pension auto-enrolment and how they might implement it for their workers,” said Claire.

Free Compliance Check Available for Employers

“The most common request from companies and employers is to know whether they are compliant with the legislation, or what scheme to put in place to minimize costs while treating their employees fairly. It’s possible to set up a small scheme for each employer that addresses the rights and requirements of all workers,” explains Lorraine Connolly, who is heading up EmployersPensionHelpline.ie.

“A quick fact-find or visit to the workplace will ensure employers and employees are confident that their employment practices are compliant with the new pension regime or are providing for all necessary implications. Don’t put it off – we can assess each employment situation confidentially and return with a solution agreeable to both employers and employees, taking into account all exemptions and maximizing tax relief for both the worker and the employer,” she adds. For more information on pension auto-enrolment, visit gov.ie or Revenue, or contact Q Financial Advisors in Claregalway at 091-421900.