A major professional services provider will call the energy sector to take action over upcoming changes to pension law at an Aberdeen seminar.
The industry-dedicated event headed by KPMG will argue that “doing nothing is not an option” for the oil and gas industry ahead of a looming decrease in tax relief on pension savings and the next stage of auto-enrolment.
The new legislation, coming into force on April 6 next year, is set to reduce the annual amount anyone can save in their pension before paying tax from £50,000 to £40,000, while the amount they can save in a lifetime tax-free will decrease from £1.5million to £1.25million.
Pension auto-enrolment is due to extend to companies with between 250 and 799 staff within the next six month – a change industry small and medium enterprises will need to adapt to quickly, KPMG claims.
“Next year’s changes to personal allowances and the next roll-out of auto-enrolment should place pensions firmly on the agendas of the North-east’s oil and gas companies,” said Donald Fleming, KPMG pensions partner and chair of the seminar.
“Whether large or small, all employers need to start planning now to support their employees through the changes and to ensure their pension arrangements meet the new requirements.”
“In such a competitive market, doing nothing is not an option for businesses. Unless they make changes now companies not only risk falling foul of the rules, but also losing out to competitors in attracting and retaining the best personnel.”
The seminar will take place on Thursday morning, October 31 at KPMG’s Aberdeen office in Albyn Place.
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