The changes mean that eventually all firms, no matter how small will have to enrol their staff on this pension scheme, but those with fewer than 50 employees won’t have to until June 2015 at the earliest.

From 2017 employers will have to pay higher National Insurance, totalling 3.4% of their employees’ earnings, though this can be offset by reducing their employees’ pension benefits or putting up their pension contributions.

The basic state pension will rise from £107 a week plus top-ups to £144, though the number of years people will have to work to claim the full pension rises from 30 to 35, and the state pension age rises to 66 for both men and women by 2020.

To help you understand these changes Buckinghamshire Business First is organising a member-to-member workshop where these new pension regulations will be discussed and analysed. Those attending will understand the responsibilities they have with regards to pensions, and learn how to meet the terms of the new regulations. The speaker will be Richard Whitaker of financial advisers Mark Gregory Ltd.

Click here for more information on the workshop, or to book a place visit http://member-to-member-workshop-pensions.eventbrite.com/# 

For a more detailed view of pension changes and how they affect you visit the Department for Work & Pensions website.