2015-06-17  

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Farmers are Not Immune to Auto Enrolment

Chartered Accountant Patricia Arnold has warned farmers they are not immune from the Government’s pension plans.

“Farmers need to ensure that they are taking heed of new pension regulations, which require employers to provide pensions for all workers,” says Patricia who works with farmers across Northumberland, Durham and Cumbria.

Patricia Arnold

Patricia Arnold

The Hexham-based accountancy firm Patricia J Arnold & Co Ltd, who this year celebrates 30 years in business, recommends that farmers act now in order to prevent confusion when changes are implemented.

In the case of farmers and farm businesses, many workers may be relatives, which can often lead to a more relaxed approach to paperwork. However, this is not something which is going to disappear, it is the law and therefore like all other businesses farmers must implement pension plans before 2017 and ensure that any current pension funds are compliant with the new guidelines.

Chartered Accountant Patricia says: “Whilst many farmers see the new pensions as time-consuming and unwelcome, it is important to remember that pension funding is now essentially Inheritance Tax-free.”

It is also important to note that the eligibility for Auto Enrolment has changed, therefore employers should check how many of their employees qualify. The obligations of employers vary according to the status of workers, so make sure you check the details. In order to ensure a smooth transition, the Government recommends that employers plan well in advance of the changes.

Later in the year Patricia and her team will be holding a series of seminars directly concerning Auto Enrolment. These will be of huge benefit to those feeling unprepared for the changes.

For those unsure about new guidelines or requiring help to implement changes, Patricia and her team are happy to assist, offering free consultations to clients.

Patricia J Arnold

Related Links
link Farmers Should Review Pension Now or Risk Losing Out
link Yorkshire Dales Food and Drink Heaven
link Drew Adds to Hexham Mart’s Auctioneering Team
link Defra Record-Keeping U Turn


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