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17 Mar

Auto-Enrolment Contribution Increase

Small businesses could struggle to comply with an increase in auto-enrolment pension contributions, according to a report by the Association of Consulting Actuaries (ACA).

The ACA is concerned that small firms will struggle to deal with the short period of time between auto-enrolling their employees in 2015 and 2016 and the minimum contribution increases in 2017 and 2018.

The research also warned that employees may not be able to withstand the increases due to low earnings in the small business sector.

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11 Mar

Apprenticeship Funding Under Review

Employers could gain the power to control funding for apprenticeship training, the Department for Business, Innovation and Skills (BIS) has announced.

The plan is designed to help firms choose the training that suits the skills their business needs.

The government outlined the plans in response to a consultation on the future of apprenticeships.  The documents states that giving employers the power to control apprenticeship funding is a 'non-negotiable' part of the government's reforms.

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06 Mar

YOUR MONEY: Expected Retirement Income Hits 6-Year High

Expected retirement incomes among 2015 retirees have hit a 6-year high, according to research by Prudential.

The survey of more than 1,000 people planning to retire this year found that the average expected income is £17,000 a year.  This is an 8% increase from the 2014 average of £15,800.

Despite optimism increasing in 2015, expected incomes are still significantly lower than during the start of the financial crisis:

-  those retiring in 2008 expected to have £18,700 a year - £1,700 more than people retiring in 2015.

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