Feathering the Nest

Feathering the Nest

The Personal Accounts Development Authority (PADA), who were charged with bringing the Government’s new pension scheme for the lower paid to the market, now have only one interested supplier, the Indian car giant, TATA, having started with five firms interested.  In another fine example of how they are guarding your money the Chairman, (who only costs you £230Kpa in salary,) has decided that this name needed changing to NEST (National Employment Savings Trust) at a cost to the taxpayer of £363K.

NEST, however, are convinced that the sole bidder will not charge more than they might as a result of its monopoly position.
If you are the owner of an SME who does not currently provide your employees with a pension, then you will be forced to pay for this scheme and your workers will be forced to put all of their money on the Stock Market [with their pensions relying on hugely optimistic forecasts by NEST] and you will also have to pay up and join, unless YOU TAKE ACTION to opt out. If your business does opt out, this means of course that your staff will be forced to rely on the state, an expensive dilemma for you and your employees, which will be a huge administrative burden for you and your company. If you would prefer not to pay more than you legally need to in supporting this type of inefficiency and waste, then you should speak to a professional tax advisor on what your options will be.

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