The Pensions Regulator Enter BHS Talks with Sir Philip Green
Late last week, it was revealed that TPR and Sir Philip Green have recently been in ‘secret’ negotiations to plug BHS’ £571m pension shortfall.
The Arcadia tycoon had promised to “sort” the retailer’s deficit in a confrontational session with MPs three weeks ago. The collapse of BHS during 2016 has left 11,000 people out of work, and another 20,000 people at risk of facing a cut on their pensions or losing it altogether.
A restructuring plan had been put forward by Sir Philip and his advisors at accountancy firm Deloitte, however this set alarm bells ringing at The Pensions Regulator and now conversations have now taken place between the two to clear things up.
Under the proposals put forward, BHS savers who had pots of £18,000 or less would receive a lump sum payment, and the remainder would be looked after in a new fund which would be boosted by cash coming from the Arcadia Group.
Picking the Right Pension Provider
Okay, so it’s unlikely that your small business will find itself in the same sort of issues which BHS is currently having with pensions, however the case does reiterate the importance of pensions and finding the right provider.
There are many different types of pension schemes available which are run by different sizes of providers, TPR have some advice on finding the right scheme for your business available on their website.
Got a Pension Scheme? Now Get Payroll Software
Once you’ve identified your preferred pension scheme, and have set-up ready for your staging date; the next step is to get payroll software good enough to handle the calculations during your payroll runs. The key phrase is ‘good enough’, and whilst businesses may already have software to manage their payroll run, having software powerful enough to manage your contributions will save you a lot of time and stress – it’s even recommended by TPR themselves.
IRIS Payroll Business is user-friendly, intuitive, powerful small business payroll software designed to help small businesses handle complex payroll legislation easily. When integrated with the IRIS AE Suite™, the industry’s most comprehensive auto enrolment software, it seamlessly calculates your workforce’s auto enrolment contributions without any additional effort.
Learn more about how your business can benefit from IRIS Payroll Business with a free software demonstration. You can arrange your demo at a time and date to suit you by using the blue buttons at the top and bottom of this page; and if you’re wondering what other businesses think of the software, check out our client testimonials here.